Ülo Ennuste Economics

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Lunch Paul Krugman’iga

Lunch with the FT: Paul Krugman – FT.com
http://www.ft.com 26.V 12

FT poolt Martin Wolf: “I enter the Landmarc restaurant, at the Time Warner Center, on Columbus Circle, New York, where I have agreed to meet for lunch with Paul Krugman, the 2008 Nobel laureate in economics, Princeton professor of economics and international affairs, and .. ”

NB: Prof PK väidab et Maastrichtiga oli euro hukutatud – kuid nii PK kui ka FT ajakirjanik MW jätavad oma teada suud mineraalvett täis et Maasticht on juba asendatud ESMiga


PS – 27.V 12 lisandus üks huvitav komm millest lõik:

EconProf | May 27 2:23am

” … Economics, the oldest university discipline, has always been the physics of the behavioral sciences, as opposed to the junk fields of poli sci and sociology. Like each of Einstein’s theories (as well as those of quantum mechanics and thermodynamics), their validity requires they be tested to see if they apply. But unlike the easier field of physics with the immutable laws of nature, economics knows that its laws many vary from era to era as well as globally (as institutions and culture many differ).

It is true that if you tortue data enough it will surrender, GIGO, and so forth. That is why all economic schools of thought trumpet the American early 60s tax cut as “proving” supply side, monetarist, and Keynesian theses. We do live inside the test tube, and cannot use the global economy as gineau pigs for our lab experiment. And while physics needs only be able to predict, economics requires a much higher standard beside forecasting correctly: understanding the why (because planets and atoms don’t make decisions)!

More so than micro, macroecon is subject to institutions and cultural changes over time. But all that is precisely why Krugman continually tests and retests to check whether theories that explain growth, international trade and finance, monetary, inflation, and unemployment have evolved and require modification. Krugman himself states that he doubted that a liquidity trap was even feasible in the U.S. today or whether banking deregulation and failure to regulate near banks made it possible again, especially without simultaneous deflation. As usual, data was unable to refute that we are even today in a liquidity trap we have been unwilling to escape or even acknowledge. … ”

May 26, 2012 - Posted by | Uncategorized

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