ansuchin wrote:Hopefully, this belongs on this thread.
The Adam Smith Lecture presented at the European Economic Association annual Congress in 2010 by Columbia’s Joseph Stiglitz finally published this past June.
An intelligent, thought provoking critique of standard macroeconomic models in light of the challenging events of recent years. We need more economic scholars who can think outside the standard models and assumptions and be straight up in light of contemporary events, and not the standard, endless conventional, ideological inspired piffle that I honestly refuse to be arsed about anymore.
Dr. Stiglitz received the Nobel Prize in Economics in 2001 for
his contributions to information asymmetry along with University of California’s George A. Akerlof and formerly Harvard's but now NYU’s Stern School’s A. Michael Spence.
Rethinking Macroeconomics: What Failed, and How to Repair It
Abstract:
Ansuchin,
good post! Thanks. Please keep posting, and while the rolling eyes post was definitely far below your normal level of high quality contributions (good to see you are human like the rest of us
, I kinda like you when you are bad...
), offense is usually not an intention of the transmitter, but always an interpretation of the receiver. Most receivers don't like to hear that.
Besides, Mr. Perfect is a big boy, I think one needs to try very, very hard to offend him. I doubt you succeeded. Different opinions are valued by more than the few who desire concenus.
That said, when one says macroeconomic theory has failed, I often think, when has it succeeded? Trends always change sooner or later, and the change of the most recent trend which last several decades has been well foreseen by many, just not those in the popularly accepted modes of thought in government/academia since the 1980s. In my Simple Minded opinion, economic theories are much more akin to psychology or religion/personal beliefs (may pick the one that makes them feel good at the moment) than physics, not hardly a science.
Since human lifespans are so short, any trend that last more than 20 years, is accepted by most people as permanent, or the new reality, or "this time things are different!" Famous last words!
If one is under 45 years old, a 30 year trend has been in effect their entire adult lifespan. Why would they not think it is the new reality or that "this time things are different!"
Current events are nothing more than the change in a long term trend, human nature has not changed. The next few years are not gonna be comfortable......such is life.