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Monday, August 1, 2011

Sad Sad World

It's a sad sad world, in economics circles at least, when one of the so-called leaders in economic education encourages (or at least implies) it's ok to keep your nose buried in your differential equations (and HIS textbooks I'm sure) as opposed to occasionally peeking up at the real world.

I'd just like to say, the whole concept of economic bubbles (one of the major causes of our most recent crisis) was not learned from a textbook Dr. Mankiw.

BTW, the most 'influential' research is the same as saying, most 'popular' which is code for "mainstream of mainstream economics." And as we all know, mainstream economics often ignores reality. How about all the fringe research in behavioral and pluralist economics. Oh that's right, it's been ignored for decades....

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