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Friday, August 27, 2010

Michael Woodford's Magic Spell

Stephen Williamson says the reason that New Keynesian economics is popular is because of Michael Woodford's magical ability to persuade economists:

This really has nothing to do with empirical evidence. ... New Keynesian economics is successful, because Mike Woodford has been a brilliant salesman.

When your lead argument against a class of models is as weak as this -- when you rely upon an argument that people cannot see the truth because they are fooled by a slick sales effort -- it's revealing.

    Posted by on Friday, August 27, 2010 at 10:45 AM in Economics, Macroeconomics, Methodology | Permalink  Comments (17)


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