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Neural-networks, agent based modeling, path-dependent equilibria, knot theory …

the list of techniques that sound impressive is long but the list of accomplishments associated with these techniques is decidedly quite short. The introduction of calculus in economics represented a huge leap forward.

There isn’t very much low-hanging fruit left (as Lones Smith once said, ‘there certainly isn’t any low-hanging fruit left in the middle of the yard! Don’t think that after watching you can jump in to economics and save the day just because you understand the Navier–Stokes equations.

[1] For brevity I will use ‘he’ for this post when the gender is unknown.

Eric Weinstein might be perfectly well-intentioned but if he thinks that because he knows some fancy mathematics, economists are obligated to grant credence to his work, he is sorely mistaken.

As another example, take Mark Buchanan, an ex-physicist who writes the blog .

Mathematical fads often pop up in economics but they won’t last unless they have concrete value.