“
Colander: What’s your view of the New Keynesian approach? Tobin: Well, that’s just the enemy.
— David Colander
Colander: What’s your view of the New Keynesian approach? Tobin: Well, that’s just the enemy.
In complexity economics one is not searching out the truth; one is simply searching for a statistical fit that can be temporarily useful in our understanding of the economy.
In reading the economics journals and talking with newly-minted PhDs, it is as if Keynesian economics never existed.
Keynes is dead; dynamic programming; Keynes is still dead. That’s the way Stanford graduate economics students recently summed up what they had learned in their core graduate macroeconomics course.
