Werning and Lorenzoni is another attempt of patching up a broken research program. They don't account for chaos, for emergent properties of dynamic systems, they don't incorporate Keen's critique, they cannot make sense of Talebian radical uncertainty. Sad!
@pzoch5 I highly doubt that. After all, economists are failed mathematicians, and you need some real mathematicians to understand the limitations of formal modelling. Alas…
@_justjoined@emubrigadier Even before Saez we knew that Chamley-Judd breaks if you introduce human capital (this is Manuelli’s result)
The post is a rage bait, and a weak one at that
@MarkKoyama@GarettJones Empirical econ history wins the poll, because of course it does. But I still want to see a deep dive on the Glorious Revolution… The disconnect between the stylized institutionalist view most economists take for granted and the nuanced reality is massive!