The Austrian and Chicago Schools
via Economist’s View: The Austrian and Chicago Schools. This is from History of Economic Thought: A Critical Perspective, by E.K. Hunt, a long out of print textbook I had when I was an undergraduate at...
View ArticleSystemic failure of economics methodology
What I’ve been thinking for some time. Economics, particularly the mainstream analyses, has lost it’s way. The failures of the current crisis point out failures of economic advice and policy making....
View Article‘Goodbye, homo economicus’: Apparently economics is thin-skinned
Anatole Kaletsky indicts the modern economist profession for the current crisis in the Prospect: Was Adam Smith an economist? Was Keynes, Ricardo or Schumpeter? By the standards of today’s academic...
View ArticleMacro: an awful mess today
I was not alone. Apparently Tim Harford of FT.com was also confused and disappointed while learning the modern macro models and theories. I however figured it was a bunch of nonsense. The...
View ArticleKrugman on How Did Economists Get It So Wrong? – Excellent
Long, but excellent reading on the recent (last few decades) of the history of macro thinking. I think Krugman understates some issues, but much of it is good. I recommend. It’s hard to believe now,...
View ArticleWe need a better measure than GDP
Nobel winner Joseph Stiglitz explains why GDP is NOT a good measure of society’s well-being and offers ideas on better measures. It’s a good critique of GDP. National income statistics such as GDP and...
View ArticleThe History of Modern Macroeconomics
A good piece from Brad Delong. At the core, modern macroeconomic theory is relatively empty and vacuous when it comes to the major crises: last year’s melt-down, the Great Depression, the many...
View ArticleEmployment News, A Muddle – Part 2
In this post, I’m going to look at the methodology that produces our monthly employment reports because with today’s report, it’s particularly timely. As mentioned in the first post, the employment...
View ArticleSometimes Methodology Isn’t Everything
Brad Delong points us to a study published in the British Medical Association jounal BMJ and quotes from it: Smith and Pell: Parachute use to prevent death and major trauma related to gravitational...
View ArticleMicro, Macro, and the Minimum Wage
Economists disagree. It’s so common that there are jokes about. For example, If all of the economists in the world were laid end-to-end they would scarcely reach a conclusion. and Economics is the...
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