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12-22-2013, 11:57 PM
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The Civil War in Macroeco**mics
The Civil War in Macroeco**mics
By Claus Vistesen Paul Krugman*never shies away from a strong headline in his column at the New York Times (I suppose that is in part what they pay him for). His latest evocation of the civil war in macroeco**mics might just be pushing it, but in principle I think Krugman is right to have a go at micro foundations. I have criticised the concept myself*for ig**ring the potential for research paradigms that are purely macroeco**mic in nature. In this sense, the fact that Krugman puts his weight behind this critique is important. It is time that pure macro theories are given the same attention as micro founded models in explaining macroeco**mic phe**mena. The state of play up until **w where pure macroeco**mic analysis has been (is) discarded as inferior, **n-rigorous, undergraduate analysis is quite simply ** good.* A more fundamental methodological problem is that micro foundations as a hitherto unassailable core of the way advanced Macroeco**mics is researched and presented to the world is **w showing serious *****s. This is a problem. Anyone with basic k**wledge of scientific methodology will k**w, eg from reading Popper and his student Lakatos, that while a paradigm may survive a number of auxiliary hypotheses being falsified there are always core hypotheses to which the paradigm must link its survival. If these are successfully attacked and falsified, the paradigm must fall.* The ongoing failings of a rigid and static focus on micro foundations that were developed and presented in the 1970s is beginning to look like a terminal failure of a “hard” core hypothesis. Krugman for example is pretty clear that we are **w at a fork in the road.* Can you live (…) the **tion that **t everything you put in your model has microfoundations? If you can, you’re a saltwater eco**mist, in some sense a Keynesian. If you can’t, you’re part of what has gone wrong with the field.Krugman obviously has several axes to grind here and the shadenfreude literally dripping off of the pages on his blog. But make ** mistake of the importance of the discourse Krugman is molding here. If the challenge to micro foundations were to be considered and accepted as a genuine issue, macroeco**mic textbooks would literally have to be re-written. Indeed the way, the field is taught would need a complete re-structuring. What may have started as a Civil war could quickly escalate into a full blown nuclear, MAD-like, conflict between the Freshwater and Saltwater eco**mists. More About: Eco**mics, Eco**mics, macroeco**mics, microeco**mics, Paul Krugman The most in-depth research and analysis is on Credit Writedowns Pro. The Civil War in Macroeco**mics originally appeared on Credit Writedowns Links: RSS - Daily - Weekly - Twitter - Facebook - Contact Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1 Related posts:
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