Mathematical Models in Economics or, Tom Sargent, Part II

(On Monday, I started a conversation concerning brand-new-Nobel-Laureate Tom Sargent’s admonition that, to model situations that are dynamic, uncertain, and ambiguous, the proper course of action is to roll up one’s sleeves and learn and use some mathematics.  In starting the conversation, I said that I agreed with Sargent, but I reserved my reasons until others had commented.   My reasons–…

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