Yesterday a friend of mine told me about economist Claudia Sahm and her blog Stay-at-Home Macro. I suspect all of you know about her blog but if you don’t you definitely should look at it. Claudia’s blog covers many topics including the Fed (her past employer), child tax credits, and inflation. Today’s post “Be the […]
Hurrah for a brave young woman! Read More »
The 2022 Nobel Prize in Economics recognized excellent work in economics. No one will dispute that. However, the Nobel committee did not display the kind of even-handedness we have seen in the past. I remember when the Diamond-Dybvig model was first put forward. It energized discussion of the role of central banks and supported their
Nobel 2022: Comments Read More »
The 2022 Nobel prize in economics will be announced tomorrow, Monday, October 10. Of course, it is not a “real” Nobel prize but rather the “Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel” but I will use the conventional phrase “Nobel prize in economics.” The official name does raise an interesting question. Why
Is Economics a Science? Read More »
I have documented errors in economics papers and pointed out the arguments for why economists say they can’t do better. In a real science, authors would fix errors others have found before publishing their paper. Not in economics. In 2001, I became aware of a working paper version of “Equilibrium Welfare and Government Policy with
Economists Knowingly Publish Papers with Errors Read More »
I often ask macroeconomists why their models are so simple, far simpler than the real world. I asked one macroeconomist what “constraint prevents you from examining less simplified models?” His answer was clear and direct: “In my case it’s IQ” but he goes on to claim that this is true of “mainstream macro people.” He
Macroeconomist Confesses to Lack of IQ Read More »