Fixing Economics
It is terribly depressing to be part of an intellectual discipline that so conspicuously failed to do its job from 2007 to the present…
Putting Economic Models in Their Place
Over at Project Syndicate: Putting Economic Models in Their Place:Among the voices calling these days for new — or at least substantially different — economic thinking http://ineteconomics.org is the very sharp Paul M. Romer http://paulromer.net/ of New York University, with his critique of what he calls “Mathiness” in modern economics http://paulromer.net/mathiness/. He seems, to me at least, to be very worried principally about two aspects of modern economic discourse.
J. Bradford DeLongJun 1, 2015
Thurday Musings on Macroeconomic Policy and “The Right”
Over at Equitable Growth I have two things I want to say this morning.First, Amtrak wifi really is c — -, isn’t it? ¶ Second, I think that Paul Krugman gets one thing wrong here, in his talk of “the right” and macroeconomic policy… ¶ There has not been one single right on macroeconomic policy since the Great Depression. There have been two. The lunatic right has been opposed to every single possible anti-recession policy except for union-busting, on the grounds that the market must be optimal: the market giveth, The market taketh away, blessed be the name of…J. Bradford DeLongMay 21, 2015
The Theory of Growth and Inequality: Piketty, Zucman, Krusell, Smith, and “Mathiness”
Over at Equitable Growth Paul Romer inquired why I did not endorse his following Krusell and Smith (2014) in characterizing Piketty and…Piketty and Zucman as a canonical example of what Romer calls “mathiness”. Indeed, I think that, instead, it is Krusell and Smith (2014) that suffers from “mathiness” — people not in control of their models deploying algebra untethered to the real world in a manner that approaches gibberish. ¶ I wrote about this last summer, several times: ¶ This time, I replied to Paul Romer’s question with a Tweetstorm.J. Bradford DeLongMay 19, 2015
Fixing Economics
It is terribly depressing to be part of an intellectual discipline that so conspicuously failed to do its job from 2007 to the present…
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