Models of physiology are also dynamic man made constructs. Physiology was developed by the world. Similarly with models of economics and economics itself. It seems very likely that there are patterns that naturally occur in both model types. If we can build an understanding of how those patterns influence system dynamics, there is potential is applying that understanding whenever we see that pattern. If we find that the understanding doesn’t hold up in the new paradigm then we know our understanding was incomplete and can hopefully use contextual information to reform it. There’s nothing special about economics or physiology in this regard and all fields likely contain information useful to other fields.
If you don’t believe models of physiology are man made, find any example in history where our understanding of physiology changed through the acquisition of new information. The underlying physiology of humans didn’t change in that moment, but our model did.
Model was poor wording on my part at the end, I’ve changed it to physiological systems. They are not constructs of humans. We create “models” , or ‘stories’ to explain things.
Physiology is a process of nature—complicated and only partially understood. Economics is artificial.
Patterns are seen in many things. Fractals is a word I’m just going to chuck in to think about. And the Fibonacci sequence. And the world is freaky.
Applying physiological models (they’ve got pretty good at maintaining equilibrium within a range, and system stability) to economics would potentially be a more productive—if the ‘facts’ that are known are known and considered.
Human market behavior is also complicated and only partially understood. In particular behavior economics finds that humans do all sorts of decisions that violate the rational actor axiom.
At the same time economic theory can still make useful predictions about the behavior of markets.
Models of physiology are also dynamic man made constructs. Physiology was developed by the world. Similarly with models of economics and economics itself. It seems very likely that there are patterns that naturally occur in both model types. If we can build an understanding of how those patterns influence system dynamics, there is potential is applying that understanding whenever we see that pattern. If we find that the understanding doesn’t hold up in the new paradigm then we know our understanding was incomplete and can hopefully use contextual information to reform it. There’s nothing special about economics or physiology in this regard and all fields likely contain information useful to other fields.
If you don’t believe models of physiology are man made, find any example in history where our understanding of physiology changed through the acquisition of new information. The underlying physiology of humans didn’t change in that moment, but our model did.
Model was poor wording on my part at the end, I’ve changed it to physiological systems. They are not constructs of humans. We create “models” , or ‘stories’ to explain things.
Physiology is a process of nature—complicated and only partially understood. Economics is artificial.
Patterns are seen in many things. Fractals is a word I’m just going to chuck in to think about. And the Fibonacci sequence. And the world is freaky.
Applying physiological models (they’ve got pretty good at maintaining equilibrium within a range, and system stability) to economics would potentially be a more productive—if the ‘facts’ that are known are known and considered.
Human market behavior is also complicated and only partially understood. In particular behavior economics finds that humans do all sorts of decisions that violate the rational actor axiom.
At the same time economic theory can still make useful predictions about the behavior of markets.