As my advisor (and Greg Mankiw's advisee) Miles Kimball tweeted today when we discussed this topic: "the 'micro foundations [used by New Classicals are] usually not very serious, they're often more like imaginary engineering than science."
Tuesday, October 2, 2012
Noah Smith (and Miles Kimball) on New Classical vs New Keynesian
There might be zingers going around the Presidential campaigns, but there are some good ones going around the macro blogs as well. Noah Smith gives us this one in his "Engineering vs. "Science" in macroeconomics" post: