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Discussing DSGE

Summary:
I was a discussant on a DSGE macro model at the Malaysian Central Bank’s annual conference. Rather than discussing the nuances of the particular model, I discussed the validity of the DSGE approach itself–covering the Sonnenschein-Mantel-Debreu Theorem (SMD), Mas-Colell’s honest treatment of it, how this is an instance of emergent properties, and Robert Solow’s stinging ...

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I was a discussant on a DSGE macro model at the Malaysian Central Bank’s annual conference. Rather than discussing the nuances of the particular model, I discussed the validity of the DSGE approach itself–covering the Sonnenschein-Mantel-Debreu Theorem (SMD), Mas-Colell’s honest treatment of it, how this is an instance of emergent properties, and Robert Solow’s stinging critique of an approach to macroeconomics that is based on the Neoclassical growth model that he developed.


Steve Keen
Steve Keen (born 28 March 1953) is an Australian-born, British-based economist and author. He considers himself a post-Keynesian, criticising neoclassical economics as inconsistent, unscientific and empirically unsupported. The major influences on Keen's thinking about economics include John Maynard Keynes, Karl Marx, Hyman Minsky, Piero Sraffa, Augusto Graziani, Joseph Alois Schumpeter, Thorstein Veblen, and François Quesnay.

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