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

By Greg Ransom, on March 23rd, 2011%

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

2 comments - (Comments are closed)   Macroeconometrics    

Arnold Kling on the Pseudo-Science of Macroeconometrics

By Greg Ransom, on February 18th, 2010%

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

One comment - (Comments are closed)   Macroeconometrics, Scientism
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Civilization developed by our gradually learning cultural rules which were transmitted by teaching and which served largely to restrain and suppress some of [our] natural instincts. — F. A. Hayek
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