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  • Re: Control theory applied to business cycles.

    [quote user="Kirznerian"] And these choices cannot be put in a model because humans are too complex to be modeled. But if you had all the data, it would be possible. [/quote] I disagree, if only because any such model would have to assume that humans don't choose, don't have free will and all outcomes are predestined. The debate over
    Posted to Economics Questions (Forum) by ccathey on Wed, Feb 20 2008
  • Re: Control theory applied to business cycles.

    Gussosa- When I was studying control theory for my MS and BS, I had questions about modeling econ. control problems with the same tools I used in class and I came to the following conclusions based my reading of Austrian Econ: 1) Physical systems do not make choices and can therefore be mathematically modeled with some degree of accuracy. People do
    Posted to Economics Questions (Forum) by ccathey on Tue, Feb 19 2008
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