Oz economist Steve Keen reports that Harvard students are rebelling against the one-sided teaching of economics on their course.
This may seem a bit abstruse, pipe-sucking and sock-suspendered, but until the world starts to work with a different model we're likely to make the same mistakes again.
Link: http://www.debtdeflation.com/blogs/2011/11/03/harvard-starts-its-own-paecon-against-mankiw/
(Blogger continues to disappoint in the matter of hyperlinks and general post editing.)
3 comments:
From the defense of Mankiw at the Keen link:
Sometimes, things happen that make demand curves and supply curves shift.
Perhaps that was the line Keen had in mind when he called Mankiw's work "simplistic"
There has been a schism (and fights) for 40 years in Economics, between the fuzzy macroeconomics folks and the econometrics group (who do very careful analytical studies). My loyalties lie with the second group, who have the virtue of being fact-based.
I always thought it was pro-Krugman in Wonderland or anti.
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