037: Noah Smith on Austrian Theory Being a 'Bad Joke', Heterodox Models and Efficient Markets

Noah Smith is Assistant Professor of Finance at Stony Brook University, New York where he is also a member of the Center for Behavioral Finance research team. Noah’s research Interests include Experimental Finance, Behavioral Finance and Macroeconomics. Noah was panel discussant for the Institute for New Economic Thinking Task Force and has received numerous research awards and fellowships. Noah is a regular contributor to Bloomberg View where he writes extensively on economics and finance related topics. He also writes at his fantastic economics blog Noahpinion. Noah received his PhD in economics from the University of Michigan, graduating in 2012. His dissertation examined expectation formation in financial markets.    Noah majored in physics as an undergraduate at Stanford University, and spent three years working in Japan, where he still returns from time to time to do research. Find out: whether economists suffer from ‘Physics Envy’. if we should remove mathematics from economics. how math took over economics. if there is a connection between economics and physics. how economics is becoming a more data-driven field. about the micro foundations to macro theory and why these models don’t work. why theory and math-focused economics papers are waning in the academic publishing field. how to approach teaching micro and macro when the theoretical models may not explain much. about whether Economics is moving away from the orthodox method of teaching toward a heterodox method. about the difference between Heterodox and Orthodox Teaching in Economics. why Noah considers Austrian Economics to be a bad joke. where Noah falls within the economic spectrum. why Noah believes that heterodox economics is not the future. Noah’s recommended economics blogs to follow. why the Efficient Market Hypothesis is a good starting model for finance students to understand. and much, much more. Check out the shownotes page and all the links, books and blogs mentioned in this episode at www.economicrockstar.com/noahsmith