Heterodox
So just a brief comment on the latest fiasco from ‘Mr Spreadsheet’ Kenneth Rogoff as he stares into the abyss of irrelevance and is trying to hand on like grim death to any shred of credibility. He has none. If he ever did, the spreadsheet scandal finished it. But he never did anyway.... Bill Mitchell – billy blogThe old guard trying to stay relevant and failingBill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of...
Read More »Bill Mitchell — Discredited academic dinosaurs continue to seek relevance
As many mainstream macroeconomics try to reinvent themselves after their reputations were trashed during and in the aftermath of the GFC, some are still trying to stay relevant by recycling the usual trash about deficits, public debt and bond yields that defines the New Keynesian orthodoxy in macroeconomics. That approach has been emphatically exposed as fake knowledge by the fact that none of the predictions that can be derived from that framework have proven to be accurate. On December 9,...
Read More »The ladder of social science reasoning, 4 statements in increasing order of generality, or Why didn’t they say they were sorry when it turned out they’d messed up? — Andrew Gelman
Reinhart and Rogoff. Why didn't they take responsibility, a student asked Andrew Gelman. Statistics professor Gelman answers: It wasn't actually about the data in the minds of R & R, so being wrong about it apparently made no significant difference to them. Empirical result? Meh.Rationalists, or just ideologues with a cognitive bias? Statistical Modeling, Causal Inference, and Social ScienceThe ladder of social science reasoning, 4 statements in increasing order of generality, or Why...
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