Chris Dillow expands the debate about macro modeling.
Some mainstream economists have recently attacked DSGE models. Olivier Blanchard says (pdf) there are “many reasons to dislike” them. And Paul Romer says (pdf) they’ve caused “intellectual regress” into a “post real” doctrine which attributes economic fluctuations to imaginary causes.
I want to ask a question which is implicit in Romer’s paper: is the problem here (assuming it be such) specifically with economists, or rather with academia in general?Stumbling and Mumbling
I ask for three reasons.…
An academic problem?
Chris Dillow | Investors Chronicle