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"EE" | Economics & Economists - İktisat & İktisatçılar
About economics, schools of economics and economists - İktisat, iktisat ekolleri ve iktisatçılar hakkında
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Krugman: "Plain ordinary macro has worked fine"

Krugman: "Plain ordinary macro has worked fine" | "EE" | Economics & Economists - İktisat & İktisatçılar | Scoop.it

Still thinking my way through the Reinhart-Rogoff debacle and related issues, and I think there’s an important point to be made here about the state of macroeconomics.

 

You can already see quite a few people reacting to this affair by declaring that macro is humbug, we don’t know anything, and we should just ignore economists’ pronouncements. Some of the people saying this are economists themselves!

 

But the truth is that basic macroeconomics — IS-LM type macro, the stuff that’s in Econ 101 textbooks — has performed spectacularly well in the crisis.

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Aykut Kibritçioğlu's comment, April 26, 2013 5:52 AM
Bu yazısında, Paul Krugman; (1) Reinhart & Rogoff veya Alesina & Ardagna türü yaklaşımların ve (2) krizi aşmada onların bulgu ve politika önerilerine dayanarak "kemer sıktıran" (austerity) politikacıların sonradan iktisat(çılar) için yarattığı prestij kaybını çok iyi özetlemiş.
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Madsen Pirie: "Why Marx was wrong about capitalism"

Madsen Pirie: "Why Marx was wrong about capitalism" | "EE" | Economics & Economists - İktisat & İktisatçılar | Scoop.it

Like many public figures who leave a legacy, either in their writings or their deeds, Karl Marx was sometimes right and sometimes wrong.  I concentrate on some of the things about which he was wrong.

He was wrong to predict that history would take us to the inevitable triumph of the proletariat and then stop.  History shows no signs of doing either.  Marx was also wrong to suggest that this would happen first in the most advanced economies as the final stage of capitalism.  In fact such revolutions as came took place in less developed economies such as Russia and China.  It has not happened in the advanced economies, and this could be because Marx was wrong about something else. 

He predicted that capitalism would drive down wages to survival level before its final denouement.  In fact as economies became more advanced, both wages and living standards rose to levels not even dreamt of in Marx's day, and this seems to have lowered the pressure for revolutionary change.

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