Category Archives: Macroeconomics

WITH THE ACADEMIC EQUIVALENT OF A GHOST WRITER

Paul Krugman attempts to play in the big leagues. Quotable: There is a lot of relevant work that Eggertsson and Krugman are unaware of, or are ignoring. Bruce Smith spent his career working on models of credit market frictions in … Continue reading

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Ricardo Caballero on Hayek & the way forward for macroeconomics

From the introduction to Ricardo Caballero’s paper, “Macroeconomics after the Crisis: Time to Deal with the Pretense-of-Knowledge Syndrome” (pdf): What does concern me of my discipline, however, is that its current core — by which I mainly mean the so-called … Continue reading

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The damaged reputation of macroeconomics

Even MIT economists are admitting the obvious. (pdf)  Chances the profession will heal itself?  I don’t see it as long as the cash and the work keeps rolling in from the Federal Reserve, the NSF, the Federal bureaucracy, and from … Continue reading

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Don’t try this in Grad School

Arnold Kling’s suggestions for developing a non-pathological science of macroeconomics.

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Is Rajan reading Hayek’s Monetary Nationalism and International Stability?

If not, Raghu Rajan evidently has an instinctive understanding of Hayekian thinking on global macroeconomic coordination. You can read Hayek’s Monetary Nationalism and International Stability here. These are the sorts of macroeconomic coordination problems that many “free-traders” seem not to … Continue reading

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Economists in a Circle — Firing Away

You’ve got to love this.   Macroeconomists actually forced to confront fundamental pathologies in their efforts at “science”.  Note well that Mark Thoma himself is not open to “outsider views” — he’s banned me from his blog for pointing out basic … Continue reading

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