by Summary:
Mainstream “Neoclassical” Economists famously did not see the Great Recession coming, and when you look at their theories, it’s no wonder. Their favourite model prior to the crisis goes by the name of “Dynamic Stochastic General Equilibrium”, or DSGE. These models imagined that the entire economy could be modeled as a single individual. Yet neoclassical ...
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Steve Keen considers the following as important:
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Mainstream “Neoclassical” Economists famously did not see the Great Recession coming, and when you look at their theories, it’s no wonder. Their favourite model prior to the crisis goes by the name of “Dynamic Stochastic General Equilibrium”, or DSGE. These models imagined that the entire economy could be modeled as a single individual. Yet neoclassical ...
Topics:
Steve Keen considers the following as important:
This could be interesting, too:
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