Thursday, September 10, 2009
Economics for Planet Earth as Opposed to Planet Vulcan
Paul Krugman had a great article in the NYT magazine explaining the history of the last 70 years of macroeconomic thought in relation to current events and reminding me once again that I am so glad that I didn't go to the University of Chicago. (Many thanks to the Chicago prof whose first words out of his mouth upon my admit visit were: "How can I help you Garret, and why aren't you just going to Berkeley?") I have never been a particularly big fan of macro; I remember once being incensed upon learning the Real Business Cycle model (explained in the article) and being told that I didn't really observe involuntary unemployment, I just thought I did. However, I'm now teaching my second semester of macro and given the horrible times we're experiencing and the views of the professors here, it's certainly more interesting.