…persists. Which is another reason we have a problem with Macro. Chemists don’t teach Phlogiston Theory. None of the biologists, biochemists, or biophysicists I know talks about the glories of…

…taking in bets all over the place. It makes no distinction between consumption and investment spending; there’s just spending. It doesn’t require a theory of value, or of capital, or…

…“Econ schools should be teaching a lot more game theory and a lot less price theory.”) It’s also worth noting that the Koch-brothers shop over at GMU and econlog, from…

…account. The Salmon article cited above mentions a theory that the retirement accounts were “pumped with risky A shares in Bain, that “often had aggressively low valuations when they were…

…agents and models with overlapping generations is fundamental in the macroeconomic theory literature. Theory might be pointless but not because we can tell that something is logically impossible even though…

…Santa delivering presents and spreading the Christmas joy – Santa is a social planner! In advanced economic theory, there are two types of models: the social planner model (very much…

…less than 10%, economic theory says that I should have offered the higher amount, even knowing I couldn’t cover it. I believe this is the theory recently used by MF…

…the government would. So an increase in this federal government spending would lead to an increase in economic growth. Even a relatively small boost in government spending, in theory, could…

…Keynes certainly did believe in the “pushing on a string” theory–I frequently get commenters insisting that Keynes didn’t believe in liquidity traps.] Unfortunately, Keynes and Skidelsky are wrong. The US…

…the macroeconomic theory that has prevailed in the United States for the past few decades, and which American economists have managed to sell to the rest of the developed world…