Paul Krugman Gets His Recessionary Macroeconomics Wrong Again
Forbes
Robert Skidelsky has a rather “J’Accuse!” piece over at Project Syndicate insisting that economists are the idiots savants of the modern world for their concentration on mere mathematical models and that they don’t look up enough at the real world. This is perhaps even a valid criticism of a certain form of macroeconomics but it’s most certainly not true of the wider profession. Recent Nobels, for example, have gone to people explaining why voluntary cooperation can preserve commons resources, how market bubbles exist in the absence of complete markets, the mysteries of dual facing markets and even how humans punish selfish behaviour. These are empirical studies, pieced together by looking at ...
If you believe that economies are like machines, you will likely view economic problems as essentially problems of mathematics. But the great economists throughout history, such as John Maynard Keynes and Joseph Schumpeter, have always understood that an approach emphasizing formal precision has sev...
project-syndicate.org|Por Robert Skidelsky
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