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Showing posts with the label Keynes

(Macro)Economics and Humor (seriously...)

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There has been quite a hubub in the blogosphere recently about the State Of Macroeconomics.  Noah Smith has a pretty decent encapsulation of the discussion , (started by Paul Krugman , rebutted - poorly - by Steve Williamson , and followed up by Brad DeLong and John Quiggin ). I really don't have much to add to this, except to say that by pretty much any stretch of the imagination Most (all?) of the "modern" macro models have failed, and failed spectacularly DSGE sucketh profoundly Keynes really was a genius. As is Zach Weiner