It is a tenet of the GEM Project that professional greatness is not limited to making important contributions to economic theory. Economist policymakers whose experience and skill, especially in crisis, have substantially enhanced our collective well-being are included in the …
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Helping the Greatest Macroeconomist: John Maynard Keynes
I have been reading Zachary Carter’s new biography of Maynard Keynes. The author’s take on the relative importance of various parts of Keynes’s rich professional life surprised me and seems, after some consideration, a bit ominous for the current state …
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Helping a Great Economist: Friedrich von Hayek
Hayek (1899-1992) is best known today for his vigorous defense of classical liberalism. However, he saw himself as primarily an economist, carrying on the neoclassical macro tradition. His careful analysis with in that framework of the role played by changing …
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A Macro Annus Mirabilis?
The GEM Project’s generalization of rational exchange from the marketplace to workplaces restricted by costly, asymmetric workplace information is exceptionally consequential. That core theory simultaneously microfounds three separate models that, taken together, fundamentally reorganize textbook macro theory:
Labor pricing that is …
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Helping Great Economists: Piero Sraffa
I am fascinated by the capacity of the GEM Project to rescue powerful theories from the New Keynesian (NK) dustbin. Generalizing rational exchange from the marketplace to workplaces restricted by costly, asymmetric information is apparently a very good idea. A …
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Helping Great Economists: Sir John Hicks
John Hicks was a giant of 20th-century economics. Like a number of other great economists, he began his studies specializing in mathematics, later switching to economics.
Hicks was knighted in 1964 and shared the Nobel Prize with Kenneth Arrow in 1972. …
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Helping a Great Economist: Arthur Okun
Macroeconomics today would be much more stabilization-relevant but for Arthur Okun’s untimely death in 1980. His posthumously published Prices and Quantities proposed a promising class of macro modeling centrally microfounded by intra-firm optimization. Absent his insight, standing, and powers of persuasion, …
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Undergraduate Textbooks
The GEM Project has a special interest in the on-going debate about undergraduate macro textbooks. In the generation that followed the New Keynesian seizure of the macro academy’s mainstream, their signature dynamic stochastic general-market-equilibrium theory (enriched with rational market frictions) …
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Stabilization Policy Priorities in the COVID-19 Pandemic
The most crucial government priority in the COVIRUS-19 pandemic is aggressively fostering the development of effective vaccines and therapeutic treatments. While stabilization policy-making does not directly contribute to the key objective, well-designed action on the macroeconomic front is critical to …
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Helping Great Economists: Clark Kerr, John Dunlop, et al.
When I began teaching labor economics at MIT in 1969, mainstream thinking in the field was dominated by a loosely organized school of economists who used their neoclassical training to investigate what went on inside large, specialized workplaces. Such information-challenged …
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