Zitat des Tages von George Akerlof:
In the late 1960s, the New Classical economists saw the same weaknesses in the microfoundations of macroeconomics that have motivated me. They hated its lack of rigor. And they sacked it.
My mother, whose interest in chemistry was rather minimal, nevertheless went to graduate school in the subject and married my father, for whom it was as important as life itself.
The whole intention of empirical economics is to force theory down to Earth.
In New Classical theory, periods of declining employment - business cycle downturns - may be caused by an unexpected decline in aggregate demand, which leaves workers mistakenly holding out for nominal wages that exceed the new market-clearing level.
I think what Bob Shiller and I are doing is we're focusing on macroeconomics and the role of psychology in macroeconomics.
Prior to the early 1960s, economic theorists rarely constructed models customized to capture unique institutions or specific market characteristics.
Keynesian economics has always been needed.
I've always been a macroeconomist. That's what I teach. And I guess that's what I've been concerned with ever since I've been very young.
