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No Return To Normal - the Galbraith article | 96 comments (96 topical, editorial, 0 hidden)
Re: While in full knowledge of the fact ... (none / 1)
Can you drop some jargon, names and references for
  • any general equilibrium modeling that involves a small number of equilibria with well behaved dynamics requires absurdly heroic assumptions (is that Arrow-Debreu?)
  • the invalidity of using marginalist modeling of macroeconomic aggregates


Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith
by Carrie (migeru at eurotrib dot com) on Sun Mar 22nd, 2009 at 04:20:00 AM EST
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No Return To Normal - the Galbraith article | 96 comments (96 topical, 0 editorial, 0 hidden)
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