Post Tagged with: "Economics"
Video: Steve Keen on modelling and the Krugman debate
I think this video is worth watching because Keen gets to the heart of the issues with the standard approach to economics. He says that banks, money and debt are front and center in reality as we now see after the crisis. Consequently, they should also be integral in economic models
Alan Blinder gets it
I caught this statement from Alan Blinder in a debate on the New York Times about teaching economics. Clearly, Blinder sees a huge financial crisis and reflexively understands changes must be made
[Premium] Daily commentary: On teaching economics
There has been a lot of back and forth in the financial and economics blogosphere about the centrality of financial institutions and their facilitation of private debt accumulation leading up to the Great Financial Crisis. It seems to me that the economics profession had a hand in this given economists were almost uniformly unable to foresee the crisis. We relied on them for economic counsel and forecasts and they failed. The right approach in dealing with such a fantastic failure would be to re-examine their models