Bob Murphy Show Ep. 471 Reaction to Eric Weinstein on Gauge Theory in Economics
10 snips
Dec 12, 2025 In a thought-provoking review, Bob and Adam dissect Eric Weinstein's innovative application of gauge theory in economics. They explore past reactions to his ideas and the potential impact on both neoclassical and Austrian schools. Key discussions include the relevance of path dependence, the critique of stable-preference assumptions, and the shift from aggregate to individual price measures. With hints at a possible theoretical revolution, they contemplate whether Weinstein's framework can reshape our understanding of economic dynamics.
AI Snips
Chapters
Transcript
Episode notes
Weinstein Publicly Promoted The Interview
- Eric Weinstein proudly promoted his interview with Bob on social media and retweeted it without prompting.
- Bob noted this signaled Weinstein genuinely enjoyed the conversation and engagement.
Serious Mathematical Critique Of Economics
- Eric Weinstein's gauge-theory critique of mainstream mathematical economics is coherent and internally plausible.
- Bob Murphy found the math-backed claims credible enough to take them seriously despite critics calling Weinstein a fraud.
Upgrade Marginalism With Modern Calculus
- Weinstein frames the marginal revolution as the penetration of differential calculus into economics and argues we need a modern upgrade.
- He claims current economics already uses gauge-theoretic ideas implicitly and needs more appropriate derivative operators.