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By Matthew Watson (auth.)

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Extra resources for Uneconomic Economics and the Crisis of the Model World

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Li’s Gaussian copula formula is merely a way of giving meaning to that assumption. The tradition of uneconomic economics as described here would seem to fit particularly well Kuhn’s account of how relationships first envisioned in the phenomenal world are adopted as if they are direct substitutes for the external world. However, there is still one final twist in the tale. For Kuhn (1977: 301), whenever natural scientists shift from one theory to another this is merely changing sides in the conversation between different phenomenal worlds.

This is perhaps most apparent in political projects designed to ‘complete’ the market. For current purposes, the most potent example of this tendency relates to the attempts to use the process of financial innovation to close the gap between the trading structures of individual asset markets. This is evidence of the continuing practical relevance of the demand-and-supply Vision of orthodox economics opinion, which is perhaps why, historically, members of the epistemic community surrounding that opinion have been particularly prominent in challenging suggestions for regulating the process of financial innovation.

The historical data show that the death of a husband makes the surviving partner twice as likely to die within the next twelve months – statistically speaking as against the same-age population as a whole – whereas the death of a wife makes it six times more likely (Orrell 2010: 133). Having lived together for so long appears to adversely affect the surviving partner’s willingness to fight disease when they suddenly find themselves on their own. Li (2000: 45) completely disregarded the rather obvious observation that two completely independent mortgage holders drawn from often completely different geographical units within the national housing stock are simply not going to exhibit the psychological effects resulting from the intimacy of a committed lifelong relationship.

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