Michael Spence on Where Macroeconomics Goes From Here

By Greg Ransom, on March 25th, 2011%

Here.

I’m a bit worried, however, Michael Spence has not gotten the memo — i.e. he seems yet to internalize the seminally consequential scientific insight recently re-advertised by David Laidler that “a monetary economy has .. properties that cannot be analyzed using the tools of Arrow-Debreu style equilibrium modeling.”

Spence says,

the good news is . . . → Read More: Michael Spence on Where Macroeconomics Goes From Here

One comment - (Comments are closed)   Macroeconomics, math econ

ELEGANT MATH VS FIELD RESEARCH — GUESS WHICH DOMINATES IN THE SCIENCE OF ECONOMICS

By Greg Ransom, on March 20th, 2011%

Economists are increasingly behaving a bit more like real scientists — such as biologists — in leaving their computer screens and going into the world doing field research. It’s a giant throwback to the research tradition of non-economist Ronald Coase, Nobel Prize winner.

James Hamilton has a fascinating piece up comparing a dominant formal math . . . → Read More: ELEGANT MATH VS FIELD RESEARCH — GUESS WHICH DOMINATES IN THE SCIENCE OF ECONOMICS

Comments are closed   math econ, Phil of Econ
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The fundamental principle that in the ordering of our affairs we should make as much use as possible of the spontaneous forces of society .. is capable of an infinite variety of applications. — F. A. Hayek
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