Paul Krugman - Economics, Good and Bad

http://krugman.blogs.nytimes.com/2012/06/26/economics-good-and-bad/
Paul Krugman. "Economics, Good and Bad". 2012.06.26

So why the sense that macroeconomics is a mess? I’d say that it’s essentially political. The type of macroeconomics Portes and I do offends conservative notions of how things are supposed to work in a capitalist society, so they reject the theory no matter how well it performs, and throw their support behind other views and other people no matter how badly they get it wrong. As a result, all the public hears are arguments between dueling economists (some of them not knowing much about economics). That’s a big problem – but it’s not a problem with the economics, which has, once again, been spectacularly successful.

The other thing I’d like to say is that the notion that microeconomics is in much better shape is questionable, to say the least. I mean, it’s not as if the assumptions underlying standard micro theory are, you know, true – utility maximization? Really? Micro is consistent in a way macro is not, but for the most part it’s best viewed as a metaphor that’s helpful as long as you don’t take it too seriously.

But isn’t there a lot of solid empirical work in micro? Yes – and in macro too. The difference is that for the most part there isn’t as much of a politically-based determination to deny the empirical results in micro. Yet even there, when it comes to areas where there are strong political stakes, like health care economics, you see the persistence of politically convenient views no matter how strong the contrary evidence. I originally heard the term “zombie ideas” in the health care field, not macro.

So to return to the original point: the fact is that these have been glory days for standard macroeconomics, which has done amazingly well under crisis conditions. If you’ve heard different, blame politics, not the economics itself.

핵심은

so they reject the theory no matter how well it performs, and throw their support behind other views and other people no matter how badly they get it wrong. As a result, all the public hears are arguments between dueling economists (some of them not knowing much about economics).

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관련해서

http://mainlymacro.blogspot.kr/2012/08/arguments-for-ending-microfoundations.html

"Arguments for ending the microfoundations hegemony". 2012.08.30

http://economistsview.typepad.com/economistsview/2012/09/arguments-for-ending-the-microfoundations-hegemony.html

"'Arguments for Ending the Microfoundations Hegemony'"