Franco Modigliani (1918-2003) was a colleague of mine at MIT. He was easy to admire and even easier to like. He left an indelible mark on macroeconomics, most notably with three contributions. His life-cycle theory of household saving fundamentally increased …
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More on New Keynesian Macro Silliness
An on-going task of the GEM Blog is to monitor the American Economic Journal: Macroeconomics (AEJ:M), flagging the more egregious use of neoclassical general-market-equilibrium modeling to explain actual behavior in modern, highly specialized economies. The exercise is always discouraging, but …
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The Criticality of Chronic Wage Rent
I have become increasingly interested in how macroeconomists think, or more accurately don’t think, about wage rent. The GEM Project features the most consequential variant of that phenomenon, which it names “pure wage rent”. PWR does not require formal collective …
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Helping Great Economists: Joan Robinson
Joan Robinson is the most surprising theorist never to be awarded a Nobel Prize in Economics. She made fundamental contributions to understanding the limits of mainstream competitive market-centric theory, perhaps helping to explain why an economics establishment deeply committed to …
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Helping a Great Economist: Arthur Burns
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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