This post is prompted by a twitter exchange some time ago between Adam Posen, Noah Smith and myself over the 'merit' of microfoundations. [Here's a storify recap]. And that in turn by the fall-out from the events at the Federal Reserve Bank of Minneapolis, where Naranya Kocherlakota [former microfounding whizz] has begun to push out senior advisors and research economists, including Pat Kehoe and Ellen McGratten. But this debate will be familiar to those following econ blogs for longer than that. It's tangentially related to the controversy in the UK over how economics should be taught, fuelled by the student campaign group at Manchester University, and by the initiative led by Wendy Carlin at UCL to reform the curriculum. And it probably surfaces whenever a few economists have a beer and talk shop.
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Why microfoundations have merit.
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This post is prompted by a twitter exchange some time ago between Adam Posen, Noah Smith and myself over the 'merit' of microfoundations. [Here's a storify recap]. And that in turn by the fall-out from the events at the Federal Reserve Bank of Minneapolis, where Naranya Kocherlakota [former microfounding whizz] has begun to push out senior advisors and research economists, including Pat Kehoe and Ellen McGratten. But this debate will be familiar to those following econ blogs for longer than that. It's tangentially related to the controversy in the UK over how economics should be taught, fuelled by the student campaign group at Manchester University, and by the initiative led by Wendy Carlin at UCL to reform the curriculum. And it probably surfaces whenever a few economists have a beer and talk shop.