Abstract
In the 1997 AEA meetings a session was organized on the topic, “Is There a Core of Practical Macroeconomics That We Should All Believe?” The five panelists (O. Blanchard, A. Blinder, M. Eichenbaum, R. Solow, and J. Taylor) each answered with a resounding “YES.” Each panelist summarized his vision of the “core” and a significant consensus was exhibited.
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Its not so much what folks don’t know. as what they know, that ain’t so.
Will Rogers
These days macroeconomics has become more popular than it used to be. I can remember when manyeconomists liked to say: “I just don’t understand macroeconomics.” There was a definite implication that something must be wrong with macroeconomics, not with the observer. Of course macroeconomics cannot be “exact.” It has to work by rough analogy and empirical compromise. Maybe a certain raffishness is inevitable. Most economists work on micro-economic problems with increasing use of new microeconomic data. But now it is widely understood thatmacroeconomics is at the heart of economics; it will not do to be snooty about it. This centrality will continue, for the best possible reason: the need to understand current events, especially unfavorable ones, and to formulate policies—even benign neglect is a policy—to deal with them.
Robert Solow, 2000: 151
Nothing is quite as difficult as not deceiving oneself.
Ludwig Wittgenstein
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© 2006 Basil John Moore
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Moore, B.J. (2006). The “Raffishness” of Mainstream Macroeconomics: a Post Keynesian Critique. In: Shaking the Invisible Hand. Palgrave Macmillan, London. https://doi.org/10.1057/9780230512139_13
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DOI: https://doi.org/10.1057/9780230512139_13
Publisher Name: Palgrave Macmillan, London
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