Monthly Archives: April 2011

Quote of the Day — Michael Boskin on Math & Economic Complexity

“The complexity of a dynamic market economy is not easily captured even by sophisticated modeling (an idea stressed by Friedrich Hayek and Robert Solow).” — Michael Boskin in the Wall Street Journal

Posted in Complexity Theory, Quote of the Day | 1 Comment

My Challenge to Stephen Williamson

I’m not able to post this on Stephen Williamson’s New Monetarist Economics blog. So I’ll post it here. Stephen Williamson writes: “If it’s a good economic idea, and correct, you have to be able to do the math.” Here’s my … Continue reading

Posted in Phil of Econ | 7 Comments

LARRY SUMMERS BIG BET AGAINST BRITAIN

Larry Summers at Bretton Woods: “I have always been an empiricist, so I will be happy to say that if Britain enjoys a boom over the next two years coming from increased confidence, I will be required to quite radically … Continue reading

Posted in academia, Economics Profession | 3 Comments

ARTICLE: Scott Sumner Makes the Case for NGDP Targeting

In a paper written for the Adam Smith Institute (pdf). Quotable: George Selgin pointed out that NGDP targeting would produce lower than normal inflation during a productivity boom. One of the criticisms of inflation targeting is that because central banks … Continue reading

Posted in Monetary Theory | Comments Off on ARTICLE: Scott Sumner Makes the Case for NGDP Targeting

TRANSCRIPT: Larry Summers on Scientism, Mathematical Tractability & the Cognitive Failure of Modern Macroeconomics

Larry Summers at Bretton Woods on what was driving the macroeconomics which Summers sees as completely unhelpful in the current crisis: “[The sociology of the macroeconomic profession of the last 30 years was marked by] attempts at “science” and by … Continue reading

Posted in Macroeconomics, tractability | 1 Comment

VIDEO: Amar Bhide on Human Judgment vs Mathematical Economics

Posted in Bhide, Judgment | Comments Off on VIDEO: Amar Bhide on Human Judgment vs Mathematical Economics