Meta tags:
description= 15 posts published by Lars Syll during November 2012;
Headings (most frequently used words):
the, of, on, oh, dear, we, know, in, economics, hayek, recent, comments, lars, syll, robert, lucas, is, talking, nonsense, again, rational, expectations, assuming, what, fact, never, paul, krugman, most, important, book, ever, written, history, sturegatan, redux, subventionerad, privatundervisning, en, klassfråga, ljusnande, framtid, inte, för, gymnasielärare, grodors, plums, och, ankors, plask, political, philosophy, power, knowledge, illusions, conservative, four, horsemen, fundamental, flaws, our, economic, system, mainstream, macroeconomics, complete, shambles, keynes, vs, bbc, radio, teflon, econometrics, utvärderingseländet, snart, på, ett, universitet, nära, dig, posts, policy, reading, list, categories, archives,
Text of the page (most frequently used words):
the (175), and (70), that (55), och (36), new (32), nov (31), att (31), 2012 (29), share (29), opens (27), window (27), are (21), för (21), #comments (19), this (19), may (19), with (18), som (18), bluesky (18), facebook (18), hayek (18), have (17), jan (17), not (17), mar (16), apr (16), jun (16), economics (16), posted (16), det (16), their (16), jul (15), aug (15), sep (15), oct (15), dec (15), feb (15), what (15), lönebildning (14), arbetslöshet (14), has (14), about (14), lars (13), med (13), would (13), models (13), for (13), was (13), 2013 (12), 2014 (12), 2015 (12), 2016 (12), 2017 (12), 2018 (12), 2019 (12), 2020 (12), 2021 (12), 2022 (12), 2023 (12), 2024 (12), 2025 (12), inte (11), 2011 (10), all (10), who (10), some (10), ett (9), har (9), than (9), where (9), been (9), economic (9), history (9), model (8), how (8), till (8), den (8), off (8), know (8), you (8), can (8), wrong (8), more (8), people (8), they (8), economists (8), crisis (8), knowledge (8), man (8), rational (8), now (7), other (7), econometrics (7), society (7), one (7), had (7), macroeconomics (7), expectations (7), 2026 (6), just (6), good (6), were (6), them (6), any (6), there (6), macroeconomic (6), but (6), failure (6), his (6), others (6), information (6), recent (5), like (5), will (5), nothing (5), ska (5), han (5), jämfört (5), sig (5), framtid (5), don (5), make (5), keynes (5), even (5), rather (5), our (5), from (5), much (5), krugman (5), find (5), when (5), these (5), kan (5), gymnasielärare (5), privatundervisning (5), look (5), comment (4), syll (4), blog (4), varia (4), theory (4), statistics (4), education (4), school (4), fred (4), policy (4), philosophy (4), system (4), björklund (4), vill (4), detta (4), problem (4), minst (4), assumptions (4), those (4), very (4), ideas (4), paul (4), either (4), real (4), financial (4), keynesian (4), here (4), beliefs (4), many (4), way (4), economy (4), profession (4), world (4), lost (4), bad (4), should (4), book (4), never (4), libertarian (4), still (4), most (4), vilket (4), andra (4), evidence (4), own (4), individuals (4), lucas (4), science (3), politics (3), reading (3), list (3), being (3), time (3), only (3), does (3), sverige (3), annat (3), kommer (3), bara (3), hur (3), central (3), sin (3), forskare (3), alla (3), mellan (3), alltför (3), better (3), least (3), since (3), critique (3), general (3), read (3), believe (3), always (3), well (3), used (3), came (3), intellectual (3), neoclassical (3), long (3), completely (3), great (3), role (3), result (3), irrational (3), teaching (3), state (3), down (3), said (3), thought (3), five (3), because (3), able (3), think (3), could (3), also (3), seems (3), after (3), times (3), basic (3), robert (3), public (3), then (3), serfdom (3), unemployment (3), liberal (3), errors (3), while (3), making (3), political (3), ever (3), mycket (3), saco (3), ljusnande (3), per (3), elevtimme (3), important (3), idiots (3), god (3), fact (3), experiment (3), earth (3), probability (3), round (3), disagreement (3), common (3), error (3), tastes (3), technologies (3), name (2), required (2), view (2), log (2), sign (2), subscribed (2), subscribe (2), wordpress (2), com (2), nancy (2), cartwright (2), arbetslösheten (2), irrelevant (2), links (2), remember (2), anna (2), nobel (2), skolan (2), same (2), next (2), svenska (2), högre (2), forskning (2), ser (2), storbritannien (2), när (2), stora (2), där (2), redan (2), byråkratisk (2), utan (2), även (2), enskilda (2), förutom (2), forskningen (2), sagt (2), utsätta (2), oss (2), ännu (2), utvärderingar (2), idag (2), dessutom (2), skriver (2), fyra (2), eller (2), sedan (2), utvärderingseländet (2), snart (2), universitet (2), nära (2), dig (2), conservative (2), biases (2), else (2), benefit (2), famous (2), methods (2), although (2), seem (2), get (2), say (2), aware (2), problems (2), put (2), together (2), practical (2), john (2), maynard (2), friedrich (2), century (2), day (2), mainstream (2), seen (2), economist (2), nor (2), midst (2), both (2), far (2), uncertainty (2), crises (2), level (2), rates (2), mention (2), explanation (2), theories (2), debates (2), taken (2), into (2), self (2), course (2), surprised (2), market (2), under (2), might (2), induced (2), track (2), short (2), little (2), years (2), knew (2), learn (2), themselves (2), quite (2), first (2), success (2), hard (2), papers (2), rigorous (2), version (2), macro (2), which (2), its (2), former (2), europe (2), old (2), decades (2), excuses (2), 2008 (2), happen (2), such (2), accordance (2), repeatedly (2), really (2), asked (2), recession (2), happened (2), piece (2), four (2), horsemen (2), fundamental (2), flaws (2), often (2), road (2), aside (2), standard (2), run (2), marx (2), laissez (2), faire (2), serious (2), actors (2), power (2), distribution (2), income (2), work (2), european (2), neither (2), markets (2), come (2), davidson (2), made (2), tea (2), party (2), group (2), right (2), among (2), interesting (2), totalitarianism (2), led (2), management (2), grodors (2), plums (2), ankors (2), plask (2), här (2), landet (2), flesta (2), religion (2), lika (2), gud (2), religiöst (2), förhållningssätt (2), skola (2), institutet (2), privatekonomi (2), flera (2), oroande (2), utveckling (2), grupper (2), sina (2), från (2), landets (2), ingen (2), dels (2), tre (2), examinerade (2), högskoleutbildningar (2), genom (2), subventionen (2), ligger (2), kronor (2), denna (2), sturegatan (2), redux (2), written (2), sargent (2), himself (2), differences (2), within (2), interview (2), told (2), circular (2), actions (2), weigh (2), type (2), choices (2), priors (2), see (2), says (2), assuming (2), shocks (2), changes (2), let (2), dear (2), website, email, write, loading, collapse, bar, manage, subscriptions, site, reader, report, content, privacy, already, account, join, 607, subscribers, feeds, entries, 112, archives, 707, 542, methodology, 997, 388, 301, 166, categories, frog, contr, fredtorssander, follow, netiquette, especially, anonymous, ones, pseudo, argumentations, abusive, language, please, full, professor, leaves, limited, respond, lundberg, memoriam, personal, deficit, myth, avec, temps, impact, winning, prize, tycker, väljarna, vinster, rethinking, statistical, toolkit, tidöregeringens, dårhusmässiga, ekonomiska, visdom, why, democracy, outperforms, dictatorship, reification, randomisation, guarantee, contributions, randomness, representativeness, credible, credibility, revolution, statsskulden, problemet, posts, page, olle, häggström, universitetsledningar, tenderar, numera, prioritera, lärosätets, intäkter, allt, inklusive, klassiska, akademiska, ideal, bildning, fri, därför, fruktar, genomförande, björklunds, planer, leda, samma, slags, vansinne, utbildningsminister, förstår, långsiktig, sikte, genombrott, kräver, visst, mått, arbetsro, kika, gått, föreslår, genomfört, resulterat, jättelik, apparat, nivå, universiteten, startat, hela, avdelningar, administratörer, avsatta, förse, centralmakten, uppgifter, begärts, rosaskimrande, framställda, möjligt, motsatt, verkan, retorik, säger, eftersträva, hans, reform, resultera, byråkratisering, resursslöseri, vad, göra, insiktsfullt, identifierat, svaret, överraskande, fler, större, utöver, samband, anslagsansökningar, liknande, tillhör, forskares, vardag, lärosätenas, stå, spel, granskas, femårsintervall, resultatet, ligga, grund, resursfördelningen, lärosätena, främja, kvalitet, rätt, varnar, ryckig, finansiering, kortsiktighet, osäkra, anställningsvillkor, stor, byråkrati, farsoter, hög, grad, plågar, tidsspillan, leder, många, fall, duckar, riktigt, svåra, riskfyllda, långsiktiga, utmaningarna, perfect, reasonable, matter, assumptios, prove, cancel, doing, evereybody, use, sophisticated, techniques, someone, decision, maker, without, aren, totally, useless, best, data, order, progress, give, doubt, harm, tinbergen, econometric, social, community, unpolite, enough, dare, questioning, preferred, applied, quantitive, research, specifically, rule, met, disapproval, agitated, upset, commentaries, defenders, received, mindless, practitioners, want, disturbed, doings, eminent, mathematical, statistician, vacuous, responses, criticism, freely, save, peace, mind, david, freedman, teflon, regarded, two, twentieth, greatest, modern, followers, lse, debate, heroes, chaired, mason, event, bbc, radio, line, repentant, ought, abolutely, outrageous, haven, single, prominent, courage, integrity, admit, she, got, things, remains, microeconomics, shape, weren, before, began, second, depression, areas, need, fundamentally, rethought, concerned, play, occur, endogenously, exogenous, disturbance, side, inequality, determining, growth, prices, output, employment, external, sector, finally, alternative, policies, adopted, implemented, mistakes, place, publication, versions, fit, curriculum, extraordinary, sit, satisfied, pronouncements, discipline, similar, thoughts, subject, occasional, historically, minded, however, few, marked, sense, contrary, reputations, water, doubled, apparently, hope, events, once, break, thus, forget, abysmal, forecasting, record, downturn, recovery, rapid, structural, supporting, produce, inflation, high, term, interest, immediate, fiscal, austerity, expansionary, steeped, concerning, effects, reason, proud, analyses, over, past, understood, heading, appendage, restrain, myself, having, citing, complaint, obviously, wanting, brad, delong, men, exempt, influences, usually, slaves, defunct, policymakers, ignorance, pushing, forward, big, lack, biggest, wasn, keep, changing, fathers, learned, did, academic, publishing, meaning, preferably, difficult, mathematics, successive, cohorts, students, trained, newly, touch, field, previous, achievements, entered, dark, age, barbarian, greeks, romans, argue, possibility, evils, manifest, forms, question, whole, basis, foundations, lucrative, industry, foresee, harder, realize, thing, finance, eastern, association, speach, congratulatory, complacent, attitude, unwarranted, gobsmacking, oxford, changed, lthough, added, material, thrown, away, consequence, individually, collectively, decided, implies, chunk, teach, clearly, jettisoned, pointed, out, developments, ways, vindication, lies, heart, undergraduate, mess, currently, due, part, makers, ignoring, analysis, simon, wren, lewis, looks, complete, shambles, solow, emerged, aimed, convert, wider, happens, tended, overreach, suggest, legitimately, argued, popular, leaving, extremes, including, perverse, 1944, suggesting, regulatory, interventions, inherent, tendency, snowball, correlations, sixty, later, implicit, prediction, forecast, coming, immiserization, working, class, unrestricted, unworkable, defects, successful, reach, monopoly, succeed, grasping, informed, exploit, relatively, ignorant, creating, inefficiency, process, resulting, grossly, unequal, widely, perceived, intolerably, unfair, industrial, economies, vulnerable, excessively, episodes, underutilized, capacity, accidentally, intrinsically, environmental, damage, encouraged, reducing, private, costs, half, angus, burgin, attempts, formulate, propagate, modified, meet, standards, friends, settle, kind, tradition, associated, manchester, liberalism, neo, seemed, satisfactory, source, confusion, scholar, particularly, interested, rest, technological, possibilities, citizens, preferences, interconnections, inevitably, thoroughly, decentralized, centralization, decisions, bound, generate, fail, correct, consequences, calamitous, planning, confirms, competitive, remarkably, efficient, aggregate, preserving, decentralization, wondering, start, review, along, sunday, york, magazine, article, adam, title, austria, von, karl, activist, reported, goal, fill, congress, hayekians, project, unlikely, smoothly, price, admission, includes, extensive, writings, remarks, american, willingness, entertain, national, health, care, program, provided, poor, illusions, noahpinion, despite, hating, nazis, somewhat, influenced, early, 20th, rise, nazism, itself, example, asserts, created, equal, reference, superior, stating, prefer, economically, dictator, democratic, government, restricted, freedom, foreshadowed, unfortunate, support, dictators, augusto, pinochet, flirtations, scientific, racist, claimed, style, lead, reality, sort, america, japan, korea, became, solidly, war, didn, advertised, nowhere, advent, totalitarian, regimes, behöva, läsa, ingenting, skulle, hänt, 1800, talets, mitt, herre, milde, staten, sekulär, nog, uppskattar, innebär, samhället, vara, statens, uppgift, osynliggöra, religionen, kollektivt, misstänkliggöra, skolverket, ställer, neutrala, försöker, påskina, tar, aktiva, steg, befrämja, sekularism, praktiken, annan, modernistisk, fördom, skapa, religionsfritt, samhälle, sekularismen, tolka, livet, medvetet, utelämna, mindre, räkna, debattartikel, diskuterade, ekström, claes, göran, aggebo, skolverkets, riktlinjer, gudstjänster, svar, biskopen, linköpings, stift, martin, modéus, igår, följande, samarbetet, bekräftar, bild, framkommit, bland, livslöneundersökningar, kvinnodominerade, yrken, lång, utbildning, fortfarande, särdeles, dåligt, betald, mest, tendensen, gruppen, avseenden, markant, svagare, senast, undersökta, kullen, stort, sett, oförändrad, reallön, äldre, kollegor, avviker, tappat, industriarbetaren, djupt, yrkesgrupp, nyckelroll, tyvärr, rolig, läsning, rapporten, visar, köpkraften, sex, trettio, efter, examen, olika, akademikergrupper, utvecklats, jämförelse, industriarbetare, senare, fått, bättre, sämre, tidigare, presenterade, häromdagen, rapport, lönar, het, potatis, lätt, konstatera, titta, kommentarspåret, ekonomistas, tillägg, alltså, gånger, belopp, läggs, övrig, offentligfinansierad, undervisning, ibland, hävdas, förlorar, några, skaffar, extraundervisning, hjälp, skatteavdrag, ignorerar, kostnaden, skattebetalarna, bortser, synsätt, antagningen, attraktiva, gymnasie, baseras, väl, lyckas, privatekonomiskt, utrymme, stärka, konkurrenskraft, gentemot, elever, del, betydande, offentlig, utbildningssubvention, delfinansierad, familjer, snävare, privatekonomiska, ramar, problematiskt, utbildningssystemets, likvärdighet, genomsnitt, vanliga, undervisningskostnaden, går, privatundervisningsföretaget, academys, hemsida, utgår, 199, 249, alltid, läsvärde, utbildningsekonomen, dubier, typ, subvention, rättviseperspektiv, drömmen, likvärdig, jonas, vlachos, tyder, dagsläget, alliansregeringen, stöd, riksdagen, förslaget, låta, rut, avdraget, också, omfatta, subventionerad, klassfråga, tänk, sägas, mening, allmän, begäran, repriseras, lilla, pärla, nytt, veta, var, intelligensreserven, bodde, begav, talet, building, means, gods, certainly, isn, frankly, theorists, approach, abstract, perhaps, odd, juxtapose, leonard, rapping, expectationist, arjo, klamer, 1984, 234, classical, simply, cannot, talk, typical, communism, agents, econometricians, tiny, empirical, verifies, doesn, bother, protagonists, too, george, evans, seppo, honkapohja, 2005, vol, 561, 583, aspects, thomas, replied, dynamics, compare, experimental, results, evolves, fully, predetermined, reduced, stochastic, risk, describable, probabilistic, understand, exactly, flat, adhere, higher, setting, subjects, systematic, weight, revealed, through, difference, statistically, significant, final, rationality, sufficient, eliminate, twice, separately, err, disagreeing, putting, virtually, stock, indicates, different, each, large, nontrivial, minority, population, maintain, indifferent, true, nonetheless, sample, erroneously, disagrees, favors, point, moreover, tend, diminish, progresses, fraction, nearly, constant, interpret, case, erroneous, nonrational, laboratory, james, andreoni, tymofiy, mylovanov, presented, researchers, participants, findings, something, profound, value, hypothesis, drove, rate, countries, laureate, wildest, imagination, warranted, justified, solely, based, ridiculous, situation, eurozone, facts, strong, allegation, take, couple, examples, sweden, portugal, according, explain, main, fluctuations, during, last, six, seven, postwar, recessions, overwhelmingly, supports, dominant, importance, talking, nonsense, again, gretl, downloadable, publications, lps,
Text of the page (random words):
or per elevtimme subventionen till privatundervisning är alltså tre till fyra gånger högre per elevtimme än det belopp som läggs på övrig offentligfinansierad undervisning ibland hävdas det att ingen förlorar på att några skaffar sig extraundervisning med hjälp av skatteavdrag även om man ignorerar kostnaden för skattebetalarna så bortser detta synsätt från att antagningen till attraktiva gymnasie och högskoleutbildningar baseras på hur väl man lyckas jämfört med andra att den som har privatekonomiskt utrymme kan stärka sin konkurrenskraft gentemot andra elever genom att ta del av en betydande offentlig utbildningssubvention delfinansierad av familjer med snävare privatekonomiska ramar är minst sagt problematiskt för utbildningssystemets likvärdighet tillägg 29 11 att detta är en het potatis kan man lätt konstatera genom att titta på kommentarspåret på ekonomistas share on facebook opens in new window facebook share on x opens in new window x share on bluesky opens in new window bluesky ljusnande framtid inte för gymnasielärare 28 nov 2012 at 20 59 posted in education school comments off on ljusnande framtid inte för gymnasielärare institutet för privatekonomi och saco presenterade häromdagen sin rapport om högskoleutbildningar lönar sig en ljusnande framtid rapporten visar dels hur köpkraften tre sex och trettio år efter examen för olika akademikergrupper utvecklats i jämförelse med industriarbetare och dels om senare examinerade fått det bättre eller sämre jämfört med tidigare examinerade tyvärr ingen rolig läsning för landets gymnasielärare samarbetet mellan institutet för privatekonomi och saco bekräftar den bild som framkommit bland annat i saco s livslöneundersökningar inte minst i flera kvinnodominerade yrken är lång utbildning fortfarande särdeles dåligt betald den mest oroande tendensen är att den stora gruppen gymnasielärare i flera avseenden har en markant svagare utveckling än andra grupper den senast undersökta kullen gymnasielärare har i stort sett oförändrad reallön jämfört med sina äldre kollegor vilket avviker från de flesta andra grupper och har dessutom tappat jämfört med industriarbetaren det är en djupt oroande utveckling för en yrkesgrupp som har en nyckelroll för landets framtid share on facebook opens in new window facebook share on x opens in new window x share on bluesky opens in new window bluesky grodors plums och ankors plask 27 nov 2012 at 18 51 posted in varia 3 comments i en debattartikel i dn 25 11 diskuterade anna ekström och claes göran aggebo skolverkets riktlinjer för gudstjänster och skola i ett svar skriver biskopen i linköpings stift martin modéus igår i dn bl a följande att staten är sekulär vilket nog de flesta i sverige uppskattar innebär inte att samhället är det det kan inte vara statens uppgift att osynliggöra religionen och kollektivt misstänkliggöra den skolverket ställer sig inte neutrala vilket man försöker påskina utan tar här aktiva steg för att befrämja sekularism vilket i praktiken är en annan religion det är en modernistisk fördom att man kan skapa ett religionsfritt samhälle sekularismen är lika mycket religion att tolka livet och medvetet utelämna gud är inte ett mindre religiöst förhållningssätt än att räkna med gud det är ett annat religiöst förhållningssätt och detta grodors plums och ankors plask ska man behöva läsa år 2012 det är som om ingenting skulle ha hänt i det här landet sedan 1800 talets mitt herre du milde share on facebook opens in new window facebook share on x opens in new window x share on bluesky opens in new window bluesky hayek s political philosophy 26 nov 2012 at 11 59 posted in economics politics society comments off on hayek s political philosophy hayek s most famous piece of political philosophy was as we now know completely wrong in the road to serfdom hayek claimed that keynesian style macroeconomic management would lead to totalitarianism in reality nothing of the sort has ever happened america europe japan korea and others became solidly keynesian after world war 2 and while macroeconomic management didn t always work as advertised it nowhere and never led to the advent of totalitarian regimes it s also interesting that hayek despite hating the nazis and totalitarianism in general seems to have been somewhat influenced by many of the early 20th century central european ideas that led to the rise of nazism itself for example he repeatedly asserts that people are not created equal making reference to superior people and stating that he would prefer an economically libertarian dictator to a democratic government that restricted economic freedom this foreshadowed the unfortunate libertarian support for dictators like augusto pinochet as well as more recent libertarian flirtations with scientific racist ideas noahpinion share on facebook opens in new window facebook share on x opens in new window x share on bluesky opens in new window bluesky the power of knowledge 26 nov 2012 at 11 06 posted in varia 2 comments share on facebook opens in new window facebook share on x opens in new window x share on bluesky opens in new window bluesky the illusions of conservative economics 25 nov 2012 at 23 19 posted in economics 1 comment just as i was wondering how to start this review along came the sunday new york times magazine with a short article by adam davidson with the title made in austria will friedrich von hayek be the tea party s karl marx one tea party activist reported that his group s goal is to fill congress with hayekians this project is unlikely to go smoothly if the price of admission includes an extensive reading of hayek s writings as davidson remarks some of hayek s ideas would not go down well at all with the american far right among them is a willingness to entertain a national health care program and even a state provided basic income for the poor the source of confusion here is that there was a good hayek and a bad hayek the good hayek was a serious scholar who was particularly interested in the role of knowledge in the economy and in the rest of society since knowledge about technological possibilities about citizens preferences about the interconnections of these about still more is inevitably and thoroughly decentralized the centralization of decisions is bound to generate errors and then fail to correct them the consequences for society can be calamitous as the history of central planning confirms that is where markets come in all economists know that a system of competitive markets is a remarkably efficient way to aggregate all that knowledge while preserving decentralization the good hayek also knew that unrestricted laissez faire is unworkable it has serious defects successful actors reach for monopoly power and some of them succeed in grasping it better informed actors can exploit the relatively ignorant creating an inefficiency in the process the resulting distribution of income may be grossly unequal and widely perceived as intolerably unfair industrial market economies have been vulnerable to excessively long episodes of unemployment and underutilized capacity not accidentally but intrinsically environmental damage is encouraged as a way of reducing private costs the list is long half of angus burgin s book is about the good hayek s attempts to formulate and to propagate a modified version of laissez faire that would work better and meet his standards for a liberal society hayek and his friends were never able to settle on a name for this kind of society liberal in the european tradition was associated with bad old manchester liberalism and neither neo liberal nor libertarian seemed to be satisfactory the bad hayek emerged when he aimed to convert a wider public then as often happens he tended to overreach and to suggest more than he had legitimately argued the road to serfdom was a popular success but was not a good book leaving aside the irrelevant extremes or even including them it would be perverse to read the history as of 1944 or as of now as suggesting that the standard regulatory interventions in the economy have any inherent tendency to snowball into serfdom the correlations often run the other way sixty five years later hayek s implicit prediction is a failure rather like marx s forecast of the coming immiserization of the working class robert solow four horsemen on the fundamental flaws of our economic system 24 nov 2012 at 23 35 posted in economics politics society comments off on four horsemen on the fundamental flaws of our economic system mainstream macroeconomics a complete shambles 23 nov 2012 at 16 01 posted in economics 1 comment simon wren lewis has a piece on his blog on how teaching macroeconomics after the crisis looks i was asked the other day how macroeconomics teaching at oxford had changed as a result of the great recession of 2008 9 a lthough the crisis has added material nothing has really been thrown away as a consequence of what has happened we have not either individually or collectively decided that the great recession implies that some chunk of what we used to teach is clearly wrong and should be jettisoned as a result as paul krugman has pointed out many times recent developments have in many ways been a vindication of the basic keynesian model that lies at the heart of any undergraduate macro course the mess we are currently in is due in part to policy makers ignoring this basic macroeconomic analysis this is really gobsmacking first of all because i find this rather self congratulatory and complacent attitude unwarranted but also re krugman because it at least to my reading seems to be in bad accordance with what krugman has repeatedly said after the finance crisis e g in his speach at the eastern economic association one can make excuses for the failure of the economics profession to foresee that the 2008 financial crisis would happen it s much harder to make such excuses for much of the profession s failure to realize that such a thing could happen t o argue or even to think about the possibility that the old evils could manifest themselves in new forms would have been to question the whole basis of decades of policy not to mention the foundations of a very lucrative industry we ve entered a dark age of macroeconomics in which much of the profession has lost its former knowledge just as barbarian europe had lost the knowledge of the greeks and romans how did all this knowledge get lost first success in academic economics came from publishing hard papers meaning papers that used rigorous and preferably difficult mathematics successive cohorts of students were trained only in the newly rigorous version of macro which had lost touch with the field s previous intellectual achievements some economists are pushing forward with new macroeconomic models but as i ve said our big problem was not lack of models the biggest problem we had as a profession wasn t failure to keep up with a changing world it was failure to remember what our fathers learned and re the policymakers ignorance i would rather say like keynes practical men who believe themselves to be quite exempt from any intellectual influences are usually the slaves of some defunct economist as an appendage i can t restrain myself having a ph d in both economics and economic history from citing brad delong s complaint about economists obviously not being able or wanting to learn from history we economists who are steeped in economic and financial history and aware of the history of economic thought concerning financial crises and their effects have reason to be proud of our analyses over the past five years we understood where we were heading because we knew where we had been those who said that there would be no downturn or that recovery would be rapid or that the economy s real problems were structural or that supporting the economy would produce inflation or high short term interest rates or that immediate fiscal austerity would be expansionary were wrong not just a little wrong completely wrong of course we historically minded economists are not surprised that they were wrong we are however surprised at how few of them have marked their beliefs to market in any sense on the contrary many of them their reputations under water have doubled down on those beliefs apparently in the hope that events will for once break their way and that people might thus be induced to forget their abysmal forecasting track record occasional links has some similar thoughts on the subject it is extraordinary to sit here in the midst of the crisis and read the self satisfied pronouncements of economists about the state of the discipline at the level of teaching where is the history of the theories and debates that have taken place in macroeconomics since at least the publication of john maynard keynes s general theory and what about the theories other than the neoclassical and keynesian versions of is lm where do they fit into the curriculum as far as the theory is concerned what role does uncertainty play in their models and how do crises occur endogenously rather than as the result of some exogenous disturbance in either the real or financial side and what about the role of inequality in determining the level and rates of growth of prices output and employment not to mention the external sector and finally what s the explanation of how alternative economic policies are adopted and implemented other than as irrational mistakes n either macroeconomics nor microeconomics is in good shape they weren t before the crisis began and they re not now in the midst of the second great depression both areas need to be fundamentally rethought economics in the crisis remains in crisis the line of repentant mainstream neoclassical economists ought to be long and it s abolutely outrageous that we haven t seen even one single prominent economist who has had the courage and integrity to admit that he or she got things completely wrong share on facebook opens in new window facebook share on x opens in new window x share on bluesky opens in new window bluesky keynes vs hayek on bbc radio 4 22 nov 2012 at 17 58 posted in economics 3 comments john maynard keynes and friedrich hayek are regarded as two of the twentieth century s greatest economists modern day followers came together at lse to debate the ideas of their intellectual heroes the event was chaired by paul mason teflon econometrics 22 nov 2012 at 14 25 posted in statistics econometrics 1 comment at least since the time of keynes s famous critique of tinbergen s econometric methods those of us in the social science community who have been unpolite enough to dare questioning the preferred methods and models applied in quantitive research in general and econometrics more specifically are as a rule met with disapproval although people seem to get very agitated and upset by the critique just read the commentaries on this blog if you don t believe me defenders of received theory always say that the critique i...
|