A simple approach to macroeconomic theorizing

I can’t say it is guaranteed to work, but I give it a high “p”:

1. Take the macroeconomic theory you hold and stick it into a box.

2. Take the major competing macroeconomic theory, the one you dislike, but taking care that you have selected an approach endorsed by high-IQ researchers.  If you dislike them too, that does not disqualify the theory, quite the contrary.

3. Stick theory #2 into the same box.

4. Average the two theories.

5. Pull the average out of the box, and call it your new theory.

How many times should you apply this method?  At least once I say.

I am indebted to Hal Varian for a useful conversation on related topics.


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