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Also: "You cannot just write down an aggregate macro model, based on other people’s work or empirical findings or whatever. You have to microfound it, and that requires a lot of skill and practice, as many a PhD student has found out.
If it also turns out when doing this that the issue you want to address or the innovation you want to make is ‘difficult’ in terms of finding an acceptable microfoundation, there are many wise supervisors who will suggest that the student tries something else. It is hardly surprising that this might put some people off mainstream macro."
3 comments:
https://originofspecious.wordpress.com/2016/01/15/different-theories-of-fiat-money-with-balance-sheets/
Also:
"You cannot just write down an aggregate macro model, based on other people’s work or empirical findings or whatever. You have to microfound it, and that requires a lot of skill and practice, as many a PhD student has found out.
If it also turns out when doing this that the issue you want to address or the innovation you want to make is ‘difficult’ in terms of finding an acceptable microfoundation, there are many wise supervisors who will suggest that the student tries something else. It is hardly surprising that this might put some people off mainstream macro."
http://mainlymacro.blogspot.co.uk/2016/01/heterodox-economists-and-mainstream.html
IMF recognizes that China is the driver of the global economy.
The "restructuring" that the IMF is seeking to impose on China is liberalization, and it is working to some extent.
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