HAYEKIAN REALITIES BRING ‘NORMAL SCIENCE’ TO AN END IN MACROECONOMICS

A long period of Kuhnian “normal science” is over in macroeconomics, banking, and finance — the news comes directly from the top guns in science (see also here, here, here, and here.)   What killed it? A series of empirical and conceptual anomalies — Hayekian facts — too immense to ignore.  Hayekian facts like the . . . → Read More: HAYEKIAN REALITIES BRING ‘NORMAL SCIENCE’ TO AN END IN MACROECONOMICS

Arnold Kling on the Pseudo-Science of Macroeconometrics

Few economists have a sophisticated theoretical education in macroeconometric modeling — many are the equivalent of children playing with a computer game they really don’t understand.  Arnold Kling is not one of these.  In a series of essays Kling has been sharing a practitioner’s inside view of the lost knowledge of a generation which had . . . → Read More: Arnold Kling on the Pseudo-Science of Macroeconometrics

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I think [Keynes'] Treatise is much better than The General Theory. — F. A. Hayek

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