A Response to Economics as Gauge Theory
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.
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