(L9) How Economists Got It Wrong: A Nuanced Account) Flashcards
What is the main critique of Paul Krugman’s NYT article according to the paper?
The paper critiques Krugman for oversimplifying economic debate, misrepresenting Classical economics, and advocating a binary portrayal of Keynesian and Classical economics.
What does the paper say about the complexity of economic systems?
The paper emphasizes the complexity of economic systems and criticizes the reduction of economics to black-and-white narratives.
What systemic issue is identified in academic economics?
The paper identifies a systemic issue in academic economics where common sense is undervalued, and academic incentives discourage common-sense approaches.
How does the paper view the transition from Classical to NeoClassical economics?
The transition from Classical to NeoClassical economics is attributed to the institutional shift in the profession, leading to a loss of philosophical and historical insights.
What are the criticisms of the NeoClassical/NeoKeynesian synthesis model?
The NeoClassical/NeoKeynesian synthesis model is criticized for its limitations in understanding complex economic dynamics and for being overly simplistic in policy application.
How does the paper view Keynes’ contribution to macroeconomics?
The paper acknowledges Keynes’ contribution but highlights his limitations in providing a comprehensive macroeconomic theory.
What is the paper’s stance on the role of mathematics in economics?
The paper argues that the issue is not the mathematical models themselves but how they are used, emphasizing the importance of understanding their limitations in policy application.
