arXiv:2112.03460econ.TH
A Response to Economics as Gauge Theory
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Abstract
We provide an analysis of the recent work by Malaney-Weinstein on "Economics as Gauge Theory" presented on November 10, 2021 at the Money and Banking Workshop hosted by University of Chicago. In particular, we distill the technical mathematics used in their work into a form more suitable to a wider audience. Furthermore, we resolve the conjectures posed by Malaney-Weinstein, revealing that they provide no discernible value for the calculation of index numbers or rates of inflation. Our conclusion is that the main contribution of the Malaney-Weinstein work is that it provides a striking example of how to obscure simple concepts through an uneconomical use of gauge theory.
... and in the cases where one does manage to put in the effort to understand what EW is actually saying, the ROI has been trite and uninteresting and could have been said with simpler words and gotten to the point in far fewer words. Example: See the conclusion of Nguyen's…
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