I and others, particularly Paul Krugman, occasionally make reference to "freshwater" vs. "saltwater" economics. Here's a little background to explain the terms and, I hope, shed a little light on current disputes in macroeconomic theory. First, let's go back in time. The stuff that economists study, namely the economy, economic behavior, and markets, really emerged as it's … Continue reading Brief History of Macroeconomics and The Origins of Freshwater vs. Saltwater Economics
mainstream macroeconomics
The Difference Between Physics and Mainstream Economics
Newspapers this morning were full of the story of how physicists at CERN in Geneva have demonstrated that a particle (sub-atomic one) could go faster than the speed of light. I'm no physicist, (although I do make extensive use of the principles of gravity and inertia), but this appears to be a rather startling result … Continue reading The Difference Between Physics and Mainstream Economics
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