(L9) How Economists Got It Wrong: A Nuanced Account) Flashcards

1
Q

What is the main critique of Paul Krugman’s NYT article according to the paper?

A

The paper critiques Krugman for oversimplifying economic debate, misrepresenting Classical economics, and advocating a binary portrayal of Keynesian and Classical economics.

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2
Q

What does the paper say about the complexity of economic systems?

A

The paper emphasizes the complexity of economic systems and criticizes the reduction of economics to black-and-white narratives.

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3
Q

What systemic issue is identified in academic economics?

A

The paper identifies a systemic issue in academic economics where common sense is undervalued, and academic incentives discourage common-sense approaches.

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4
Q

How does the paper view the transition from Classical to NeoClassical economics?

A

The transition from Classical to NeoClassical economics is attributed to the institutional shift in the profession, leading to a loss of philosophical and historical insights.

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5
Q

What are the criticisms of the NeoClassical/NeoKeynesian synthesis model?

A

The NeoClassical/NeoKeynesian synthesis model is criticized for its limitations in understanding complex economic dynamics and for being overly simplistic in policy application.

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6
Q

How does the paper view Keynes’ contribution to macroeconomics?

A

The paper acknowledges Keynes’ contribution but highlights his limitations in providing a comprehensive macroeconomic theory.

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7
Q

What is the paper’s stance on the role of mathematics in economics?

A

The paper argues that the issue is not the mathematical models themselves but how they are used, emphasizing the importance of understanding their limitations in policy application.

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