Having been schooled in a one year course in Samuelson's text on economics, like me , most came away with a thought of how economics and in particular macroeconomics seemed just mechanistic: pull one lever and get a result. IS-LM analysis of intermediate Macro seemed to be much of the same mechanistic teaching. Unfortunately, complex systems do not quite work that way.
At the risk of drawing the wrath of countless macroeconomists, it seems only fair to note that empirical data refute all the macroeconomic models in existence. The reason why seems clear enough. There are no constants that relate one aggregate economic variable to another. All the econometrics in the world are useless if there are no constants to estimate.
(2) When I read him, I have the reaction, "Yes, there's something to it. BUt why?"
(3) But a clear giant objection to Keynesian policies is Government Failure. Liberals have not internlized this, despite its obvious reality. We need to pound it in in both undergard and grad, evn though it only tkaes 15 minutes to explain and students nod Yes.
One of your best.
Having been schooled in a one year course in Samuelson's text on economics, like me , most came away with a thought of how economics and in particular macroeconomics seemed just mechanistic: pull one lever and get a result. IS-LM analysis of intermediate Macro seemed to be much of the same mechanistic teaching. Unfortunately, complex systems do not quite work that way.
At the risk of drawing the wrath of countless macroeconomists, it seems only fair to note that empirical data refute all the macroeconomic models in existence. The reason why seems clear enough. There are no constants that relate one aggregate economic variable to another. All the econometrics in the world are useless if there are no constants to estimate.
(1) Keynes is a really good writer.
(2) When I read him, I have the reaction, "Yes, there's something to it. BUt why?"
(3) But a clear giant objection to Keynesian policies is Government Failure. Liberals have not internlized this, despite its obvious reality. We need to pound it in in both undergard and grad, evn though it only tkaes 15 minutes to explain and students nod Yes.
Introspection is Necessary, but not Sufficient.
Keynesianism might be a bogeyman at this stage. Perhaps best just to ignore it. It will pass - one of these centuries.