Dumb and dumber in modern macroeconomics – the ‘New Keynesian’ version

Makro-Ökonomen und ihre Micky-Maus Modelle.
Aufgrund dieser „fundierten“ Basis wird unsere Wirtschaft gesteuert…

Real-World Economics Review Blog

from Lars Syll

The chicken that is fed by the farmer each morning may well have a theory that it will always be fed each morning – it becomes a ‘law’. And it works every day, until the day the chicken is instead slaughtered …

Now you might say that no chicken is an economist, but suppose that chickens were as intelligent as the farmer who keeps them, so they could be an economist … So if (the)  chicken had been an economist, they would not simply have observed that every morning the farmer brought them food, and therefore concluded that this must happen forever. Instead they would have asked a crucial additional question: why is the farmer doing this? … And of course trying to answer that question might have led them to the unfortunate truth …

Simon-Wren-Lewis_316pxYou can see why the habit of introspection would make economists predisposed…

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