Majandusteadusteadlaste matemaatiline eneserahuldus?
My main beef with economists is that standard macroeconomics does such a poor job of describing what is going on. The textbooks models are pretty much useless. Where in the textbooks is “liquidity preference” a demand for Treasury securities? Where in the textbooks does it say that injecting capital into banks is a policy tool?
Graduate macro is even worse. Have the courses that use representative-agent models solving Euler equations been abolished? Have the professors teaching those courses been fired? Why not?
I have always thought that the issue of the relationship between financial markets and the “real economy” was really deep. I thought that it was a critical part of macroeconomic theory that was poorly developed. But the economics profession for the past thirty years instead focused on producing stochastic calculus porn to satisfy young men’s urge for mathematical masturbation.
Economists ought to admit that we do not know much about what is going on today. Neither do the Fed Chairman and the Treasury Secretary. Of course, the market demand is for “strong” leaders and for “strong” economists, who can fool the public into believing that they have great knowledge. The ones who do this best are those who have fooled themselves.
Teravad ja kas mitte ka tabavad täheldused Arnold Kling’ilt via EconLog. Kas üksik hüüdja kõrbes või alles pikema diskussiooni algus?
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