Category Archives: Macroeconomics
A Grad Student Weighs in on Contemporary Grad School Macro
Graduate student Noah Smith reports on the state of graduate education in macroeconomics — here’s the part I found most interesting (but read the whole thing): .. as someone who never studied econ as an undergrad (I was a physics … Continue reading
Posted in Macroeconomics
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Frydman & Goldberg on Robert Lucas & F. A. Hayek
From Roman Frydman and Michael Goldberg’s new book Beyond Rational Markets: Asset Price Swings, Risk, and the Role of the State: The problem that haunts the Rational Expectations Hypothesis is the same one that doomed socialist planning: no fully predetermined … Continue reading
Posted in 1945, Frydman, Knowledge Problem, Limits to Knowledge, Lucas, Macroeconomics, Rational Expectations
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TRANSCRIPT: Larry Summers on Scientism, Mathematical Tractability & the Cognitive Failure of Modern Macroeconomics
Larry Summers at Bretton Woods on what was driving the macroeconomics which Summers sees as completely unhelpful in the current crisis: “[The sociology of the macroeconomic profession of the last 30 years was marked by] attempts at “science” and by … Continue reading
Posted in Macroeconomics, tractability
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VIDEO: Larry Summers with Martin Wolf at Bretton Woods — Hayek Resembles that Remark
Larry Summers’ remarks at Bretton Woods on liquidity and asset markets, his remarks on tractability in economics, economic education, and the advance of science, etc. are very Hayekian in flavor — for all of Summer’s vulgar Keynesian political economy and … Continue reading
Posted in Larry Summers, Macroeconomics
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Michael Spence on Where Macroeconomics Goes From Here
Here. I’m a bit worried, however, Michael Spence has not gotten the memo — i.e. he seems yet to internalize the seminally consequential scientific insight recently re-advertised by David Laidler that “a monetary economy has .. properties that cannot be … Continue reading
Posted in Macroeconomics, math econ
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Quote of the Day – Laidler on Monetary Economics & Equilibrium Modeling
David Laidler: a monetary economy has long been understood by those who have studied it to have properties that cannot be analyzed using the tools of Arrow-Debreu style equilibrium modeling I’ve laid out the “Hayek-Mises” considerations which establish this fact … Continue reading
Posted in Macroeconomics
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