More often than not, I don't share the views of Arnold Kling, but this paragrah is beautiful: 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.
Found here.
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Thursday, October 23, 2008
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