Economist Craig Newmark suggests that the discipline of economics recommends itself over other social sciences on the basis of its better “track record”.
But let’s take a closer look. What we find is that much of the best economics has been work done by economists attempting to overcome the massively influential fallacies of other economists: . . . → Read More: blogs: What _Is_ The Track Record of The Economists?
A generation ago Keynesian economics was dead and buried, abandoned even by the most influential Keynesian economist of them all, John Hicks. It had been killed by the re-discovery of Hayek (by Robert Lucas , Alex Leijonhufvud, and John Hicks, among others), by Milton Friedman — and by stagflation. Keynesian economics was rejected by the . . . → Read More: ammo: Arm Against the Keynesian Counter-Revolution
As an introduction to his new EconTalk discussion with Robin Hansen, George Mason University economists Russ Roberts writes the following:
As far as I know, no prominent market-oriented economist has come out in favor of a trillion dollar increase in government spending as a way to improve the economy. Every market-skeptical economist that I have . . . → Read More: A Reply to Russ Roberts on the Scientific Status of Macroeconomics
“The 1926 article does, however, take a different view from the 1945 article with regard to the explanatory sufficiency of equilibrium theory. The two sides the socialist calculation debate also differed on how much relevance the general-equilibrium approach has for understanding the factor pricing of a real-world market economy. In 1926 Hayek in Wieserian . . . → Read More: article: “Editor’s Introduction” to Collected Works of F.A. Hayek, Vol. 11