17:24 is an amazing quote. "I've never noticed physicists to be humbled, but I believe that the physical world has disciplined them to recognize that if they don't wish to look foolish it's best to learn to partition their questions so that they only ask the questions which are robust to the errors within any given theory."

God damn I'm dumb.

For some reason, I laughed when the interviewer said "..can you give me a little information about the evolution of your own thinking on this?" (2:20) then the shot showed a slow barge putting up the river.

The problem with economics is as follows: many assumptions are made, then mathematical models are created for these assumptions. That's not how science is supposed to work. A true science needs to test their assumptions, they need to experiment. Based on the results, they create mathematical models that explain the phenomenon.

the comments section is on fire... and extremely informative. thanks for the valuable comments

I study fractals and am an economist. I have modelled the fractal and found the economy grows and develops (and much more) as a fractal. My model also corresponds with cosmology observations and conjectures. I am about to publish on quantum foundation problems; I have found they are all problems of the fractal. Understand the fractal, understand the universe.

My new favorite video! Wow. Great stuff. I love the anology of economics to politics, as, Astronomy to astrology. Soon they will be sepperate, Bitcoin will change the paradigm so drastically, we will wonder how we survived before. The future is bright, very bright!

genius. So minds are influenced by the market and are dynamic.Does this mean perfect price discovery is in question ? or are you suggesting many states of stability are possible ? sounds like multiple attractor systems.

I always found it weird after Evergreen blew up and I found out about Bret, and then later Eric, that Eric was suddenly "thrust" into the spotlight, in my view anyways. Now I'm finding out he's been out there for years. I wish I'd known sooner!

This is great! Very instructive and thought-provoking. It was especially nice to see someone argue that the problem isn't mathematics but rather 'bad, crude' mathematics. Still it would be great if someone could explain, maybe Eric himself, why Gauge Theory is a possible tool for making Reflexivity mathematically tractable. I gather that endogeneity is the key? Hence the invariant Lagrangian? That is, indeed, very elegant, but I was trying to work out the implications.

Boston Comisionary? Fishering shell? Can someone provide more info towards that? I find that interesting.

The biggest problem though is that the core CPI index excludes goods with high price volatility, such as food and energy. This measure of core inflation systematically excludes food and energy prices because, historically, they have been highly volatile and non-systemic. This is a substantial piece of the pie for citizens below the poverty line and even an average wage.

Eric is awesome 🙌

STINE, not STEEN

Wow - this is so skillful.

I plan to work in financial sector after will studying economics.

economic toolkit needs to be fixed not manipulated. Totally agree with statics need for inverse regression analysis of shot SIR statistics.

One worry I have is that the usage of formal tools in economics leads theorists to see economics as a discipline that is divorced from normative, historical, and ethical considerations. At the end of the day, every economic theory implicitly has a set of normative assumptions it makes not only about the nature of human agency but even of what constitutes 'utility'. Focusing more on math and less on history also is problematic because economies do not exist in vacuum but have histories. Economics is increasingly taught less in conjunction with political theory and history classes and risks becoming a skeleton with no flesh. Despite these concerns, here are two prominent examples of famous economists modelling economic phenomena off of theories in physics. It remains to be seen how sensible this approach really is though... (1) Adam Smith's 'gravity model of price' inspired from Newton. The following is a passage from 'The Natural Origins of Economics' by Margaret Schabas: ________________________ "Perhaps the most obvious example, one noted by numerous scholars, is Smith’s figurative use of gravitational attraction in his treatment of market prices. He draws an explicit contrast between the observed price in the marketplace and the “natural price” to which “the prices of all commodities are continually gravitating” (Smith 1776/1976, 1:75; see also Fiori 2001). While the analogy cannot be pushed too far, it does hold for several features of Smith’s schema. One feature is the attribution of market forces, which are by their very nature only inferred (from their effects on prices). Newton maintained the same about the occult force of gravity, that it could only be inferred (in this case from its effects on bodies). Another feature is that the market forces are central. That is, under the influence of these ever-present forces, a price will always tend toward its natural level, whether it is currently above or below it. Newton similarly maintained that, while bodies on earth appear only to descend under the attractive force of gravity, the fact of the matter is that those bodies are attracted to the center of a larger body and, therefore, could just as easily be conceived of as ascending. A third feature is the imputation of uniformity to all market forces. Newton similarly maintained that both the terrestrial and the celestial realms are subject to the same universal force." (Schabas, 2005, p. 88). ________________________________ (2) The work of the 1st Nobel Prize-winning economist Jan Tinbergen and the advent of 'Econophysics', a broader 20th-century movement to model economics explicitly in physical terms, rather than simply using analogies from physics as in Smith. One historian wrote: "Tinbergen used the formalism of Lagrange and Hamilton to deal with problems of dynamics. He was interested in dynamics because he aimed at a socialist economic policy. He succeeded by translating problems of economic policy into optimal control problems, and this enabled him to make use of Hamilton’s formalism. Because of his background in physics he was familiar with this formalism. It shows exactly when one may speak of a dynamic system." (Marcel Boumans, 'Paul Ehrenfest and Jan Tinbergen: A Case of Limited Physics Transfer', p. 132). read.dukeupress.edu/hope/article/25/suppl_1/131/129493/Paul-Ehrenfest-and-Jan-Tinbergen-A-Case-of-Limited

Questions that are robust within the errors of a given a theory, eh?

harmonic analysis used quantum fractal calculus.

I believe Austrian economics is based on harmonic analysis.

I agree that Differential Geometry is an awesomely interesting field of study. Eh. I hadn't heard about the roseta stone though. The interviewer is doing a good job - because Eric is sort of naming dropping subjects of Economic Analysis - while ignoring the scope and type of economic impact of that Analysis.

a group wedded to a particular point of view....

Basically due to the finite world we live in unless we decide to set limitations on productivity (macro economics/biophysics/ecology) and govern a sustainable pie to distribute safely we are going to create a regressive evolutionary biocycle as earth attempts to maintain homeostasis.

Eric is driving a potent narrative. A chance to shine light on the cockroaches and have an honest discussion about applying mathematics to a stagnant discipline that is economics. Sprinkle in some game theory and programmable money from emergent properties of digital assets like bitcoin and we can fix the monetary system.

How can you understand the corruption in government economics and still be a Liberal?

The problem is not math, the problem is uncertainty and believe that math can eliminate it.

How can someone be so smart?

WEALTH is accycrm W-weather cycles theory(planets) E-economics A-accounting L-finance T-data science H-health and physical activity.

I've kind of been thinking about economics really with no real insight into it. But you just start thinking in terms of cause and effect logic paths. Ridiculous to think you can form a picture that's remotely accurate, but you can roughly get an indication of big trends or consequences. Really because of leaving the EU, the biggest threat is to economics.

.........core consumer price inflation index does not include food and energy prices which can fluctuate significantly due to various factors such as supply and demand weather geopolitics etc cetera..... widely used by economists and policymakers because it is considered a more stable and reliable measure of inflation as it reflects the long term trends in the prices of goods and services that consumers buy.... however some critics argue that the core consumer price inflation index is not representative of the actual cost of living for most households as food and energy expenses account for a large share of their budgets..... therefore some alternative measures of inflation have been proposed core consumer price inflation index that includes food and energy ...... the personal consumption expenditures index etc cetera..... each of these measures has its own advantages and disadvantages depending on the purpose and perspective of the analysis..... impact of inflation on the economy depends on various factors such as the rate duration and causes of inflation as well as the expectations and reactions of consumers businesses and policymakers...... some of the possible effects of inflation on the economy are........reduced purchasing power as prices rise the value of money decreases meaning that consumers and businesses can buy less goods and services with the same amount of money...... this can lower the standard of living and the quality of life for many people especially those on fixed incomes or low wages......inflation can lead to higher interest rates as lenders demand higher returns to compensate for the loss of value of their money over time..... higher interest rates can make borrowing more expensive and discourage investment and spending which can slow down economic growth and reduce employment...........inflation can lower economic growth by reducing the real output and income of the economy....... when prices rise faster than wages consumers have less disposable income to spend or save which can reduce aggregate demand and consumption..... when prices rise faster than productivity businesses have lower profits and competitiveness which can reduce aggregate supply and production......inflation can distort the price signals that guide the allocation of resources and the coordination of economic activity....... when prices change due to inflation rather than changes in supply and demand it can be difficult for consumers and businesses to make rational decisions based on relative prices and opportunity costs...... this can lead to inefficient outcomes and misallocation of resources.....inflation can create uncertainty and instability in the economy as consumers and businesses face unpredictable changes in their incomes and expenses...... this can reduce confidence and expectations and increase risk and volatility which can adversely affect economic behavior and performance...... uncertainty and instability can also undermine the credibility and effectiveness of monetary and fiscal policies which can make it harder to control inflation and achieve other macroeconomic objectives......

@14:00 Eric went through a portal and comes back

Economics is so damn simple, but because it’s connected to money and banks, it is complex like the tax codes.

I'm somewhat disappointed that Eric steeped so much into Mathematics that he's missing the revolution in machine learning.

#AwarenessConsciousness

Tilting at windmills. I trade a dollar for an apple, because I value the apple more than the dollar. Economics can say nothing about how MUCH more. Quantification is a non-starter for dealing with economic cause & effect. /story

How can you pronounce WEIN correctly and then immediately fail to pronounce STEIN.

I'm all for learning new things and find interest in just about everything I look into but it doesn't get any more dry than talking about economics )=

Eric Weinstein -- "King of Legos"

Just google a chart for m1 money supply. That explains asset prices more than anything.

Only numbers don’t lie

"Gage theory opens a wealth of possibilities which has not yet been explored" ..."Gage theory and Inflation.. yada yada..." How about one example of applying any of his theories! So frustrating to listen to.

Using numbers to lie should become a criminal only then would those that do this will become more careful in this crime

This can't be the same Hollywood who virtue signals all the time??!

Reflexivity wasn't an idea originated by Soros, but by Karl Popper in The Poverty of Historcism.

Frank DiMeglio has surpassed Einstein and Newton.

he is right we have the wrong math.. but that is just a part of economics

I just read the paper amazing that we operate in such an antiquated way and people want government run healthcare

There is a reason , mathematics can't work in economics , its too precise , human beings are complex , there can't be an optimal solution , and futher more if socio-physcological analysis is not incorporated in advanced consumer theory , its bound to be doomed because it doesn't explain or help people , which is the sole mandate of economics , Increasing material wellfare ,

They might as well be sitting on each other's laps

In the modern state with this video. I get the joke that economics is closest to phsics and mathematics. Some economists on economocs.

To hear George Soros's name being used in a positive light is kind of surreal, not gonna lie.

@9:54 Strange that this very intelligent human got played by some government commission. Or is he just spinning some yarn...

Mathematics and physics are easy as economics is hard and complex...I like my eggs fried over easy the flip over easy is hard and complex it requires finesse control eye hand coordination precise movements acting in conjuncture with each other and the slightest conjecture and its busted yolk runny egg. Complex math and complex physics are hard on paper but once explained understandable. It could be as simple as not using hard or easy as defining terms because time and time again we do the impossible. It is all just really a matter of time and even that is constricted in such a way it could be hindering us. Remove the stumbling blocks lets hit the gas at a steady smooth rate with humanity in full view and plain sight and stop killing each other?

It seems that some mathematicians claim to produce a mathematical model which can predict the future of economic behaviour by sometimes irrational humans. And yet, physicists will say that this is absolutely impossible because of the uncertainty principle. Economists refer to this uncertainty principle as 'external influences' to the economic model. In effect, it means that no mathematical model can ever be more than an educated guess. So far, all mathematical models have subsequently proven to be hopelessly incorrect. It seems that the physicists have it!

Do the the ideas voiced here start to explain how our economic system has not collapsed in the wake of the virus? And who exactly is Eric Weinstein as a possible broker for Power?

I'm missing the connection between differential calculus and either linear programming or stochastic processes. Here Eric comes across as a name-dropping poser. (Somethings he says here are profound - but not this part)

Ask Eric Weinstein about Frank DiMeglio.

How does not taking any classes in ANY field have “it’s advantages and disadvantages “ ? This man is supposed to be an intellectual and he thinks some information is better off not learned ? 🤔🤔🤔🤔

Wrong group of folks to bring about sustainable economic models. Math has unnecessarily complicated what should be a grass-roots fix.

Weinstein, like Einstein, Steiner, not Wiener* Why on earth don't you know this? Go back to school! I cannot bear to watch the rest of this, now

Interesting guy, but not as clever as he thinks he is. He complains about lack to openness in academic but does not think twice in trashing people he does not like, for instance Murray of the bell theory intelligence.

Chicago scholl economics, anything else is a joke.

He's the king of Jew think. Thanks, man let's all progress. Into the progressive utopia. Year zero isn't far away.

Does anybody actually take Eric Weinstein seriously when he is discussing economics? He knows absolutely nothing about price theory or marginal utility and theory of interest. He cited the theory of reflexivity as if it is something new but Marxian dialectics is exactly that theory. It is simply put A causes B and B causes A. It is simply a definitional description of how causes operate in an open system vs a closed system. Reflexivity does not make any attempt to map out price theory, theory of money and credit, business cycle theory, or employment and interest.

"ive never taken a class in economics" it shows

Man chooses to focus his mind or to evade focusing. The mind is the cause of economic value, acc/to Ayn Rand (What Is Capitalism?, 1965?) Math (except ordinal math) and physics says nothing about it, according to Mises (Human Action, 1949). This is science prostituted for economic statism. Entrepreneurs use their minds to innovate. The state, backed up by scientific prostitutes who dont know how to produce and trade, is not a substitute for mans independent mind. Market prices, as Mises proved in 1920, are the only objective guide to production for a market. In the 1930s, Hayek proved that each individual producer in the market has the concrete economic knowledge that he needs for his life as judged by his own mind. Central planning, guided by traditional mysticism, socialist mysticism or pseudo-scientific mysticism, has been a poverty-creating and poverty-sustaining failure for 500K years. Capitalism is the alternative, as it has proven for 200? years.

So this guy has never taken a class in economics......There is lies the problem. Economics is the study of human behavior. Its impossible to use maths to predict human behavior because we can be irrational.

These Jews look so weird. It's creepy.

"There are a number of physicists and mathematicians who have applied used the empirical disciplines of their profession to help refine many problems that have bedeviled traditional mainstream economics...." @New Economic Thinking, can you please polish up on your grammar? It is unbecoming of the standards you seek to uphold.