The Global Crisis, A Recovery (?), And The Road Ahead: Interview With L. Randall Wray

I hope that all of you saw the very nice feature on Wynne Godley in the NYTimes: 

It is about time he’s getting the notice he deserved. I just came across a juicy quote from Wynne:

Wynne Godley: “I want to say of neoclassical macroeconomics what I have sometimes said of certain kinds of fiction; I know that the world is not like that and I have no need to imagine that it is.” 

Here’s an interview I recently gave to a Brazilian reporter.

Economonitor — Great Leap Forward
The Global Crisis, A Recovery (?), And The Road Ahead: Interview With L. Randall Wray
L. Randall Wray | Professor of Economics, UMKC

The Godley quote sums up conventional economics as practiced by the economics establishment and also Austrian economics. It's modeling imaginary worlds that don't represent reality. Wishful thinking.