Lars P. Syll

One may wonder how much calibration adds to the knowledge of economic structures and the deep parameters involved … First, few ‘deep parameters’ have been established at all … Second, even where estimates are available from micro-econometric investigations, they cannot be automatically imported into aggregated general equilibrium models … Third, calibration hardly contributes to growth of knowledge about ‘deep parameters’. These deep parameters are confronted with a novel...

Pandemic depression antidote (XVIII)  [embedded content]

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 [embedded content] Absolutely amazing film and music. A profound work of art. Thank you Yann Arthus-Bertrand and Armand Amar!

Is basic income the answer after COVID-19?  [embedded content]

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MMT — Keynesianism with an expansionary twist Expansionary policy with a strong redistributive component is an attractive proposal … Higher output and real wages would likely stimulate productivity growth. Global warming can and should be attacked seriously. With regard to foundation myths for MMT, Chartalism adds little to the observation that a modern macro economy operates on the basis of fiat money supported by state power which transcends enforcing the...

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What’s the use of economics? The simple question that was raised during a recent conference … was to what extent has — or should — the teaching of economics be modified in the light of the current economic crisis? The simple answer is that the economics profession is unlikely to change. Why would economists be willing to give up much of their human capital, painstakingly nurtured for over two centuries? For macroeconomists in particular, the reaction has...

Animal cruelty and human dignity   Throughout European history the idea of the human being has been expressed in contradistinction to the animal. The latter’s lack of reason is the proof of human dignity. So insistently and unanimously has this antithesis been recited … that few other ideas are so fundamental to Western anthropology. The antithesis is acknowledged even today. The behaviorists only appear to have forgotten it. That they apply to human beings...