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Here. (pdf) Quotable: Both Keynes and Hayek began their analysis of the 1930’s with the observation of a simple fact. Deep slumps are possible, and the evidence presented in this paper further confirms that fact. The awkward thing is that much of modern macro theory seems to deny this possibility. New Keynesian and New Classical . . . → Read More: William White’s Jackson Hole paper
Don’t listen to the guys who — you know — got just about everything right over the past decade. Let’s not pay attention to economists who — you know — actually understood what was happening before it happened. We can’t let that happen.
Hayekian economists confront the economics profession at the inaugural conference of The Institute for New Economic Theory at Cambridge: William White’s written paper is here. Bruce Caldwell’s written text is here. (Note that Caldwell misrepresents Hayek’s economics when he claims that Hayek opposed post-bust counter-deflationary policies — Hayek endorsed these as early as . . . → Read More: YouTube — William White, Bruce Caldwell, Alex Leijonhufvud & Tony Lawson at the Soros Conference
William White — the economists who saw the future — weighs in on what can be done to fix macroeconomics. In the section I excerpt below White explains how modern macro will remain broken without inclusion of the economic insights of Nobel winning macroeconomist Friedrich Hayek — work White discusses under the label of “Austrian . . . → Read More: William White — Getting Macro Back on Track
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