Thursday, October 23, 2008

If you are a macroeconomist, do not read further than this

I have always thought that the issue of the relationship between financial markets and the "real economy" was really deep. I thought that it was a critical part of macroeconomic theory that was poorly developed. But the economics profession for the past thirty years instead focused on producing stochastic calculus porn to satisfy young men's urge for mathematical masturbation.

That is Arnold Kling speaking, more here.

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