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Jodi Beggs

Why Macroeconomists Disagree...

By January 7, 2013

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I've noted before that there's generally more consensus in microeconomics than in macroeconomics, and part of the reason for the difference is that good data is surprisingly hard to come by in macroeconomics. A lot of this difficulty comes from the fact that it's nearly impossible to employ the scientific method to run experiments on the economy, so macroeconomists have to rely pretty much entirely on the messy data that nature hands them. Nick Rowe explains what a best case data scenario would look like and why we're in an almost worst-case data scenario.

Comments

January 22, 2013 at 1:48 am
(1) maurice says:

This a good exchange of views on models in Economics, and everyone should read it.. But all the readers should examine the responses by “twofish”, who is an Astro- physicists. His critical analysis on Economist approaches to defining economics using their models to define conclusions, shows shortcomings in their approaches. These shortcomings is what devils International corporations trying to run Operations Research and Financial Planning Models. Also, does anyone know if Jack Krugman is serious about his theories?

April 9, 2013 at 11:02 pm
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