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Read More »Wann ist die Pandemie vorbei?
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Pandemic depression antidote (VII) [embedded content] War veteran Tom Moore has won the hearts of people by raising more than £30 million for the NHS by walking laps of his garden. Thanks, Captain Tom!
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Haavelmo and modern probabilistic econometrics — a critical-realist perspective (wonkish) Mainstream economists often hold the view that criticisms of econometrics are the conclusions of sadly misinformed and misguided people who dislike and do not understand much of it. This is a gross misapprehension. To be careful and cautious is not equivalent to dislike. The ordinary deductivist ‘textbook approach’ to econometrics views the modelling process as...
Read More »Lucas’ Copernican revolution
In Michel De Vroey’s version of the history of macroeconomics, Robert Lucas’ declaration of the need for macroeconomics to be pursued only within ‘equilibrium discipline’ and declaring equilibrium to exist as a postulate, is hailed as a ‘Copernican revolution.’ Equilibrium is not to be considered something that characterises real economies, but rather “a property of the way we look at things.” De Vroey, approvingly, notices that this — as well as Lucas’ banning of...
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Sweden’s coronavirus strategy is starting to yield results Sweden’s unusual approach to fighting the coronavirus pandemic is starting to yield results, according to the country’s top epidemiologist. Dr Anders Tegnell, the architect behind Sweden’s relatively relaxed response to Covid-19, told local media the latest figures on infection rates and fatalities indicate the situation is starting to stabilise. “We’re on a sort of plateau,” Dr Tegnell told Swedish...
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