Lars P. Syll

Back in the 80’s yours truly had the pleasure of studying German at Universität Wien.  I’ve been back in Vienna a couple of times since then. A wonderful town full of history — and Kaffeehäuser! [embedded content] div{float:left;margin-right:10px;} div.wpmrec2x div.u > div:nth-child(3n){margin-right:0px;} ]]> Advertisements

In his recent article on Where Modern Macroeconomics Went Wrong, Joseph Stiglitz acknowledges that his approach “and that of DSGE models begins with the same starting point: the competitive equilibrium model of Arrow and Debreu.” This is probably also the reason why Stiglitz’ critique doesn’t go far enough. It’s strange that mainstream macroeconomists still stick to a general equilibrium paradigm more than forty years after the Sonnenschein-Mantel-Debreu theorem — SMD —...

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Ett av Skolkommissionens övergripande förslag är att i skollagen ange att skolans huvudmän ska verka för en allsidig social sammansättning. Efter att ha konstaterat att utvecklingen mot ökade socioekonomiska skillnader mellan skolor är mycket oroande, avstyrker emellertid Skolverket förslaget. Orsaken är att det anses oklart vad ”allsidig social sammansättning” innebär. Det kan man anse, men då måste man också undra om inte även Skolverkets oro för ökade socioekonomiska...

Where modern macroeconomics went wrong DSGE models seem to take it as a religious tenet that consumption should be explained by a model of a representative agent maximizing his utility over an infinite lifetime without borrowing constraints. Doing so is called micro-founding the model. But economics is a behavioral science. If Keynes was right that individuals saved a constant fraction of their income, an aggregate model based on that assumption is...

The tiny little problem that there is no hard empirical evidence that verifies rational expectations models doesn’t usually bother its protagonists too much. Rational expectations überpriest Thomas Sargent has defended the epistemological status of the rational expectations hypothesis arguing that since it “focuses on outcomes and does not pretend to have behavioral content,” it has proved to be “a powerful tool for making precise statements.” Precise, yes, but relevant and...

I welcome their hatred  [embedded content] div{float:left;margin-right:10px;} div.wpmrec2x div.u > div:nth-child(3n){margin-right:0px;} ]]> Advertisements

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