830 research outputs found
From Muddling through to the Economics of Control: Views of Applied Policy from J. N. Keynes to Abba Lerner
Complexity, Pedagogy and the Economics of Muddling Through
This paper was first presented at the AEA meetings on complexity. It was later published in a book edited by Massima Alszano and Alan Kirman, Economics: Complex Windows, Springer Publishers.
âWhat is so Austrian about Austrian Economics?â
Modern mainstream economics is a plurocracy in which there is no orthodoxy of ideas, only an orthodoxy of method. Given the training it provides its students, mainstream economicâs natural domain is science. With the mainstreamâs acceptance of complexity views of the economy, Austrian economistâs views can now get a hearing within the mainstream. Thus, within the science of economics, there is no need for a separate Austrian economics. However, there is a need for Austrian economics in political economy, that branch of economics that takes the insights of science and relates them to policy. The paper urges Austrian economics to embrace political economy as its domain, and to position its work as within political economy.
Economists, Incentives, Judgement and Empirical Work
This paper asks the question: Why has the âgeneral-to-specificâ cointegrated VAR approach as developed in Europe had only limited success in the US as a tool for doing empirical macroeconomics, where what might be called a âtheory comes firstâ approach dominates? The reason this paper highlights is the incompatibility of the European approach with the US focus on the journal publication metric for advancement. Specifically, the European âgeneral-to specificâ cointegrated VAR approach requires researcher judgment to be part of the analysis, and the US focus on a journal publication metric discourages such research methods. The US âtheory comes firstâ approach fits much better with the journal publication metric.
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