Lars P. Syll

The systemic failures of economic methodologists I argue that economic methodologists failed the economics profession by not actively pointing out to the economics profession or to the general public that, if an economist’s primary goal was to provide policy advice to society, then the standard methodology being used by applied macroeconomists had serious problems. I see methodologists’ failure as a systemic failure because the reason they did not point out...

.[embedded content] Sublime, breathtaking, and absolutely magnificent. A choir of angels touching the depths of my soul.

‘Theoretical cherrypicking’ in economics The proposition that theoretical models are necessary for understanding our economic system does not imply that having some particular theoretical model automatically means that we understand anything useful. If one is creative in choosing the ‘right’ assumptions and reasonably clever, then one can produce all kinds of results … This potentially creates a problem that might be called ‘theoretical cherrypicking.’ In...

‘Approximate truth’ in economics According to this line of defence, all models are false but to some extent ‘approximately true’ – and approximately true models are harmless from the point of view of the realist’s aims … This argument is to a large extent confused. It is correct that there are cases in which a false assumption can indeed be regarded as ‘approximately true’, namely when the assumption concerns the value of a quantitative causal factor …...

There is an element of hypocrisy among DSGE advocates … Long before the advent of DSGE, microeconomic theorists demonstrated that the conditions for the derivation of aggregates from individual choices are so constraining that they cannot possibly be met in a world populated by people. Yet, never to my knowledge have DSGE advocates addressed the issue … For the DSGE advocates, the failure of an opposing approach to adhere to their a priori theoretical presuppositions are...

.[embedded content]

It is not possible to determine the scientific method that it is appropriate to employ for a given task (in a particular context) without knowing the nature of the task. And to know the nature of any scientific task it is always essential to have an insight into (i.e., to seek to determine) the nature of the material that is to be investigated … Now if there is one feature that provides the greatest obstacle in the path of economics achieving its potential as an explanatory...

On the best sellers list in economics and econometrics Yours truly’s latest book has made it onto Amazon’s lists of best sellers in economics and econometrics. I am — of course — truly awed, honoured and delighted.

.[embedded content]

Stairway to pop history .[embedded content]