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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 2:52 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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A Brief History of Macroeconomics: How We Got Here

A Brief History of Macroeconomics: How We Got Here | "EE" | Economics & Economists - İktisat & İktisatçılar | Scoop.it

MAINSTREAM macroeconomics has a pretty poor reputation these days, both among the public at large and among economists in other fields. This is hardly surprising. There is little consensus on even the most basic questions in macro. Ask top academics why America’s post-crisis recovery has been so slow and you will get many different conflicting answers. But the most obvious reason for the widespread disdain is that the profession failed to predict that the biggest and most painful downturn since the Great Depression was even possible.

Now, several groups of economists are trying to rebuild macro, often melding previously discarded ideas with sophisticated new mathematical and computational techniques. This week’s print edition gives an overview of some of the interesting new developments, but in this post, I want to look more at the history of the field. The following slideshow by Markus Brunnermeier and Delwin Olivan of Princeton is a good place to start:

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