Category Archives: Macroeconomics

Six Pathologies of Orthodox Macro

Explained by the economist George Soros should have invited to his conference — Robert Higgs.  Highly recommended (pdf).

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How to Do Macroeconomics: Lucas Models vs. Hayek Models

Paul De Grauwe “Top Down versus Bottom Up Macroeconomics” presented at the What is Wrong with Modern Macroeconomics? conference in Munich, Germany Nov. 6-7: In order to understand the nature of different macroeconomic models it is useful to make a distinction between … Continue reading

Posted in Macroeconomics | 2 Comments

NEW: _Profits, Interest & Investments_ by F. A. Hayek (pdf)

Now on-line in PDF:  Friedrich Hayek’s Profits, Interest and Investments and Other Essays on The Theory of Industrial Fluctuations, originally published in 1939 by George Routledge & Sons (London), via the on-line book repository of the Mises Institute. Besides the … Continue reading

Posted in Capital Based Macro, Capital Theory, Macroeconomics | 1 Comment

Frydman & Goldberg on Hayek & Rational Expectations

Two more economists weigh in on the “what is wrong with macroeconomics” question: The economics literature is full of different models, each one assuming that it adequately captures how all rational market participants make decisions. Although the free-market Chicago school, … Continue reading

Posted in Knowledge Problem, Macroeconomics | 1 Comment

Responses to John Cochran’s reply to Paul Krugman’s Attack

From philosopher Alex Rosenberg and economists Bob Murphy and Mario Rizzo.

Posted in Macroeconomics, Philosophy of Science | 1 Comment

Undergraduate Economics For Keynes & Krugman

John Maynard Keynes never had anything like what we would call a graduate education in economics.  He was a brilliant amateur with massive gaping blind spots in his economic education — Friedrich Hayek’s well considered judgment was that Keynes had … Continue reading

Posted in Keynes, Macroeconomics | 5 Comments