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I also don't think the gulf between the heterodox Post Keynesians/MMTers and the orthodox New Keynesians is as wide as the spats would lead one to believe based on Krugman and Keen being assholes to each other.

(Confidential to both: No, Paul, DSGE doesn't apply only to NK models -- in fact it didn't even originate with NK.  And no, Steve, you're the one who apparently doesn't understand ISLM, not Krugman.)

It can often appear to be the size of the Grand Canyon when I think it's more like a drainage ditch (okay, maybe a canal).  Oftentimes it seems to just devolve into word games.

Now obviously the gulf between PKs/MMTers and New Classicalists/RBCers is obviously enormous, but it seems to be that even longtime RBCers are throwing in the towel.

They all arrive at pretty much the same conclusions for dealing with our current problems, and there's a reason for that.  The differences are mostly in regard to how best to model -- and it's not that that isn't important, but it doesn't strike me as an insurmountable hurdle.

Be nice to America. Or we'll bring democracy to your country.

by Drew J Jones (pedobear@pennstatefootball.com) on Thu Jul 4th, 2013 at 09:44:55 AM EST
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