Thursday, November 24, 2016

David Glasner as poet

Romer’s most effective
rhetorical strategy
is to point out that

the core of modern macro posits
unobservable taste and technology shocks
to account for fluctuations in time-series data,

but that these taste and techno shocks
are themselves inferred
from the fluctuations in times-series data,

so that the entire structure of modern macro is
little more than an elaborate, sophisticated exercise
in question-begging.
David Glasner, Paul Romer on Modern Macroeconomics, Or, the “All Models Are False” Dodge. (Slightly edited.)

I looked it up. Begging the question means the argument is circular.


Oilfield Trash said...

A economic professor of mine once described the two schools of economics

Macro" it tells you what the cake should look like" and

Micro"tells you what is in it".

Neither are good bakers.

Oilfield Trash said...
This comment has been removed by the author.