There Is No Intertemporal Budget Constraint

Huh, če vas le malce zanima “drobovje” ekonomije in srčika razlike med neoklasično redukcionistično šolo ter širšo keynesiansko šolo, je tale post Davida Glasnerja MUST READ.
Na kratko, post pokaže, da je neoklasična ekonomska šola, ki “modelira” obnašanje ljudi, bistveno bolj restriktivna (redukcionistična) od najbolj hard core fizike, ki se trudi razumeti (modelirati) obnašanje temeljnih delcev narave, ki je sicer bistveno bolj predvidljivo od obnašanja ljudi. Ali drugače rečeno, prevladujoča ekonomska šola je obnašanju ljudi nadela bistveno bolj striktne uzde glede predvidljivosti modelsko racionalnega obnašanja, kot to fizika zahteva od narave.

Uneasy Money

Last week Nick Rowe posted a link to a just published article in a special issue of the Review of Keynesian Economics commemorating the 80th anniversary of the General Theory. Nick’s article discusses the confusion in the General Theory between saving and hoarding, and Nick invited readers to weigh in with comments about his article. The ROKE issue also features an article by Simon Wren-Lewis explaining the eclipse of Keynesian theory as a result of the New Classical Counter-Revolution, correctly identified by Wren-Lewis as a revolution inspired not by empirical success but by a methodological obsession with reductive micro-foundationalism. While deploring the New Classical methodological authoritarianism, Wren-Lewis takes solace from the ability of New Keynesians to survive under the New Classical methodological regime, salvaging a role for activist counter-cyclical policy by, in effect, negotiating a safe haven for the sticky-price assumption despite its shaky methodological credentials. The methodological…

View original post 2,724 more words

%d bloggers like this: