Monday, May 28, 2007

George Akerlof's Presidential Address

This is well worth reading:

http://www.aeaweb.org/annual_mtg_papers/2007/0106_1640_0101.pdf

Apparently, a fair number of economists didn't like this, because it states that empirical findings undermine a number of neoclassical totems, such as the Permanent Income Hypothesis. But if we want to be a reality-base profession...

1 comment:

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