Lars P. Syll

The LATE approach — a critique One of the reasons Guido Imbens and Joshua Angrist won the 2021 ‘Nobel prize’ in economics is their LATE approach used especially in instrumental variables estimation of causal effects. Another prominent ‘Nobel prize’ winner in economics — Angus Deaton — is not overly impressed: Without explicit prior consideration of the effect of the instrument choice on the parameter being estimated, such a procedure is effectively the...

The purist streak in economics So in what sense is this “dynamic stochastic general equilibrium” model firmly grounded in the principles of economic theory? I do not want to be misunderstood. Friends have reminded me that much of the effort of “modern macro” goes into the incorporation of important deviations from the Panglossian assumptions that underlie the simplistic application of the Ramsey model to positive macroeconomics. Research focuses on the...

Regn och höstrusk ute på ön idag. Men vad gör det — så länge man kan lyssna på programmet Text och musik med Eric Schüldt! Jag har i flera år nu lyssnat på Erics program varje söndag. En helg utan hans tänkvärda och ofta lite melankoliska funderingar och vemodiga musik har blivit otänkbart. Som så ofta de senaste åren är det den eminente Eric Schüldt som får mig att hitta nya ljudintryck. I en tid — många kallar den ‘modern’ — då alla förväntar sig omedelbar...

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Economic myths that just won’t die .[embedded content]

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How to get a ‘Nobel Prize’ in economics — talking absolute nonsense! Many people would argue that, in this case, the inefficiency was primarily in the credit markets, not the stock market—that there was a credit bubble that inflated and ultimately burst. Eugene Fama: I don’t even know what that means. People who get credit have to get it from somewhere. Does a credit bubble mean that people save too much during that period? I don’t know what a credit bubble...

L’intelligence humaine est en déclin .[embedded content] Comme le montre ce programme, il y a vraiment de nombreux signes que l’intelligence humaine est en déclin. Ce déclin est probablement le résultat d’une convergence de facteurs sociaux et culturels. L’une des principales raisons est la dépendance croissante à la technologie. Alors que les avancées technologiques ont indéniablement amélioré notre qualité de vie, elles ont également créé une génération...

The Road Not Taken We all heterodox economists who have chosen the road ‘less traveled by’ know that this choice comes at a price. Fewer opportunities to secure ample research funding or positions at prestigious institutes or universities. Nevertheless, I believe that very few of us regret our choices. One doesn’t bargain with one’s conscience. No amount of money or prestige in the world can replace the feeling of looking in the mirror and liking what one...