Old versus New Keynesian Models
In response to Tyler Cowen, if the alternative hypothesis to his null that Old Keynesian models have failed is New Keynesian models, and he has rejected the Old in favor of the New, then I don't have many problems with...
"How to Save Economics"
Robert Johnson on how to save economics: ...first, economists should resist overstating what they actually know. The quest for certainty, as philosopher John Dewey called it in 1929, is a dangerous temptress. In anxious times like the present, experts can...
Is Economics Value Free?
Economics is not value free in practice, but should economics be value free, at least in principle? I used to think the answer was a clear yes -- we should do our best to promote positive analysis and avoid normative...
"Ideology and Demand Denial"
Simon Wren-Lewis on ideology and demand denial (I agree with his comments on the "asymmetry" in the views of Keynesian and non-Keynesian economists, and that in many cases ideology is the likely explanation for the differnece): Ideology and Demand Denial,...
Simon Wren-Lewis: Mistakes and Ideology in Macroeconomics
Via Chris Dillow, this is Simon Wren-Lewis of Oxford University: Mistakes and Ideology in Macroeconomics, by Simon Wren-Lewis: Imagine a Nobel Prize winner in physics, who in public debate makes elementary errors that would embarrass a good undergraduate. Now imagine...
"Mechanisms vs Models"
I need to think about this more before signing onto or rejecting this argument, but here is Chris Dillow's response to the post above this one (and it provides a nice complement to the post that follows by Dan Little):...
"Recent Thinking About Scientific Explanation"
Dan Little discusses how the definition of a scientific explanation has changed over time: Recent thinking about scientific explanation, by Dan Little: What do we want from a scientific explanation? Is there a single answer to this question, or is...
"Forecasting with Internet Search Data"
The blog at the NY Fed, Liberty Street Economics, takes a look at the ability of internet search data to forecast financial market data. The conclusion from Rebecca Hellerstein and Menno Middeldorp is that: We find that Internet search counts...
Rogoff: Rethinking the Growth Imperative
Ken Rogoff: Rethinking the Growth Imperative, by Kenneth Rogoff, Commentary, Project Syndicate: Modern macroeconomics often seems to treat rapid and stable economic growth as the be-all and end-all of policy. ... But does it really make sense to take growth...
Paul Krugman: Keynes Was Right
There are quite a few people in denial about one lesson from the crisis -- the value of the Keynesian perspective: Keynes Was Right, by Paul Krugman, Commentary, NY Times: “The boom, not the slump, is the right time for...
‘Tis the seasonality, hold the jolly
Endless worries about a eurozone disintegration and potential growth slowdowns across the developing world, but at least there’s been a streak of surprisingly not-terrible...
"Stephen Marglin Heterodox Economics"
[via Mankiw: "I agree with more than many in the audience might suppose"]
