Tuesday, October 4, 2016

M la poop concise

  1. "Different types of general equilibrium models are needed for different purposes."

  2. " For exploration and pedagogy, the criterion should be transparency and simplicity, and for that, toy models are the right vehicles. "
  3. Ideology and science here ! 

  4. " For forecasting, the criterion should be forecasting accuracy, and purely statistical models may, for the time being, be best."
  5. Like pre 50's weather forecasting 
  6. We just aren't good  enough 
And Lucas was too ambitious and cruel

  1. "  For conditional forecasting, i.e. to look for example at the effects of changes in policy, more structural models are needed, but they must fit the data closely and do not need to be religious about micro foundations."
This is not vickrey- nomics   meta statics

This is in the mud eclecticism
Euclid grab some pine !

The policy options pathways 
Here is where activists must stand up and fight 
With the Wall Street priesthood