To learn from history, first listen to those who lived it / made it/ studied it. – Interview w/ Samuelson

Paul Samuelson is one of the great economists of the 20th century.  He was one of the first ones awarded the Nobel Memorial Prize.  His textbook on Principles was the standard text for at least 40 years and the model for all others.  He speaks in a two-part interview on the current economic crisis, the … Continue reading To learn from history, first listen to those who lived it / made it/ studied it. – Interview w/ Samuelson

The History of Modern Macroeconomics

A good piece from Brad Delong.  At the core, modern macroeconomic theory is relatively empty and vacuous when it comes to the major crises: last year's melt-down, the Great Depression, the many bubbles, etc.  I have to agree with Brad's conclusion that macro theory must re-connect with economic history ( I would suggest micro theory … Continue reading The History of Modern Macroeconomics

Krugman on How Did Economists Get It So Wrong? – Excellent

Long, but excellent reading on the recent (last few decades) of the history of macro thinking.  I think Krugman understates some issues, but much of it is good.  I recommend. It’s hard to believe now, but not long ago economists were congratulating themselves over the success of their field. Those successes — or so they … Continue reading Krugman on How Did Economists Get It So Wrong? – Excellent