by Tyler Cowen
on September 17, 2009 at 1:26 pm
1. Center for the Comparative Study of Right-Wing Movements.
2. Profile of Felix Salmon.
3. The impatience of poverty.
4. The neuroeconomics of dead salmon.
5. A Bolaño syllabus.
6. Via Greg Mankiw, contemporary macroeconomics.
I have some problems with Mankiw’s argument, but I must say that this ia a much
superior defense of “actually existing macroeconomics” than the pathetic effort
by John Cochrane in which he made a serious fool of himself (while scoring a few
points). Just to make someone like me be cautious, I have to admit to not being
up on the work of a majority of these “core” younger macroeconomists that Mankiw
lists. Of those I do know of, I think his description is on target, and I give
him credit for pinpointing some areas they have been weak on, particular on the
modeling of shocks themselves.
The problem is not related to the work these economists have done or that macro has been lax in dealing with externialities and/or frictions. It is that we have spent the better part of the last few decades cataloging these frictions instead of creating a model where frictions are part and parcel of the overall framework. It is like the Stiglitz Noble never happened, as we still use the prior framework and all these frictions are special cases.
Tyler said something like “in cases with little or contradictory data, I go with theory.” Well the theory he was talking about has an assumption of no frictions, and assumes a we have a pure market and it will be Pareto optimal. As Stiglitz carefully showed, this is almost never the case. So a large and growing list of “special cases” doesn’t really do anything to contradict PK’s thesis that we’ve been working on the wrong theory for the last 30 years or so.
Anything coming out of Berkeley with regards to the right wing wreaks of historical revisionism, before its printed. I mean is there any place on Earth as biased as Berkeley (excluding Mississippi and Alabama)?
Two links on salmon in one assortment? What are the odds?
One of the strengths of the Felix Salmon blog, not mentioned, is that he throws great links.
Why isn’t Obama all over price discrimination in medical insurance like white on rice?
There, I said it. I’m a ricest.
If that is your excuse for not coaching little league you seriously need to grow a pair.
I’m no shrink, but you seem to be crying out like a child, please daddy government protect me from the uncertanty in world! I will gladly give up all possible upside from working and being able to save and invest wisely if only the government/god would guarantee taht al lthings will be made comfy. I don’t want to have to wory my precious little head is there anyone out there that will protect me. I so want to play baseball with my child but I am paralyzed by fright.
I coached tee-ball and worried about my job and potrfolio and home value this year. My main worry was that idiots like you would tax our civilization to death, diminishing my child’s future. I could give a rats as if my “home value” goes to zero…then we will have lots of opportuniites to buy homes. A hard working mand wiha good education will find a way to earn some income. A useless tax eater has to worry about government guarantees and socialized insurance policies. Teach your son that and stop lobbying to destroy my future to protect you from your scary dreams.
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