Wednesday, April 15, 2015

Did Macro Models Fail Us?

Noah Smith says "no".

I say "no" as well, but for a somewhat different reason: contra this: "if you're going to give policymakers real advice, you're going to have to choose which model - or which basket of models - to base your advice on," macroeconomic models are not the sort of thing upon which one can base policy advice. And this post explains why.

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An orgy

“The advancement of science and the rationality of politics are interwoven in a social process that, in the perspective of a more distant f...