Wednesday, July 23, 2014

What's wrong with economic theory today?

One of the first of the considerations that occurred to me was that there is very often less perfection in works composed of several portions, and carried out by the hands of various masters, than in those on which one individual alone has worked.
- Descartes

1 comment:

The Arthurian said...

Adam Smith gave us economics. Maynard Keynes gave us macro. In between, many people gave us individual pieces, like Say's law and Bastiat's broken window.

Since Keynes, many people have given us individual pieces, like the Phillips curve and Okun's law and Lucas's critique and Barrow's Ricardian equivalence.

That's what's wrong with economic theory today.