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Underbelly: A Macro Economist you can Take Home to Mother (JULY 07, 2012)
I can't think think of anyone better equipped than Mark Thoma to sell the world on the plausbility of of macro.  As the undisputed econ ubberblogger, he evinces an almost compulsive deal to get curerent, comprehensive news on academic economics to a waiting audience.  So it is perfectly right that he be picked to offer a Browser "Five Books" on macro theory.  His contribution is up today, although I'd say it is a bit misnamed: the piece is called "Mark Thoma on Econometrics," and while he covers both, it seems to me that macro  is the real centerpiece.

Ah yes, you are thinking, here at last I will get the definitive presentation on whether macro deserves to be recognized as a science and not mere necromancy.  And give him his due: I think he has laid out his case in as persuasive and fair-minded a manner as we are likely to get. ...

...

... Like I say, I have all kinds of respect for this guy.  And that's precisely the point: if this is the best he can do, don't we have a slam-dunk confession that macro is a bunch of just-so stories, bound together with the confident faith that somehow, someday, the models may be aBle to tell us something?

You need better macro models? How about some stock-flow models?

If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa
by Migeru (migeru at eurotrib dot com) on Sun Jul 8th, 2012 at 03:53:45 AM EST
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