Modern Macro

[8675309]

Joseph Stiglitz - An Agenda for Reforming Economic Theory - YouTube

I found this talk by Joseph Stiglitz as a suggested link on the talk by Tony Lawson posted by another poster. Its a talk by stiglitz who I think of as more of a microeconomists than macro.


There is a lot of criticism of modern macro these days, but I find many criticisms of the field lack substance; often times they are whole-sale dismissals of the approach macroeconomic theory of the last 2 or 3 decades without really any substantive reasoning or understanding what is flawed about the approach.

I thought this talk was a good one. It goes into a criticism of assumptions made by the baseline RBC/New Keynesian model and makes substantive arguments for changes assumptions without completely abandoning approach adopted by Macroeconomics over the last two or three decades. A lot of what is being discussed is the hot area of macro right now particularly heterogenous agent macro. None the less its one worth watching, especially for people less familiar with macro other than the baseline representative agent model.

[zsljulius]

wow, awesome video. I am currently taking Macroeconomics and found it much more abstract than micro. Every time I think about aggregate stuff, I got stuck...

[econger]

Indeed very worth watching, a lot of interesting thoughts.

Still, to get a balanced picture of the DSGE-profession one ought also watch Chris Sims playing devils advocate: Christopher Sims - How empirical evidence does or does not influence economic thinking - YouTube

[pedro666]

Please, have a look on this page
Luigi Pasinetti - Wikipedia, the free encyclopedia