My EconTalk conversation with Guillermo Calvo has me thinking the tendency of macroeconomists to see the economy as a black box. In black box macro, we don’t have to worry about the complexity of what’s going on inside, not because it’s too complicated but because it’s unnecessary.
In this mainstream view, the opacity of the box is a feature, not a bug. It simplifies everything. It’s Occam’s Razor meets the Gordian Knot. We can just cut through the complexity and unravel the mystery of the economy. Unfortunately for macroeconomics, we can’t figure out which razor to use for cutting the knot.
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Economia
Macroeconomia da caixa preta
Black Box Macro
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Miles Davis: excerto de 48 s. de "Funky Tonk", de um concerto de 1970 (e transição para um solo de Keith Jarret). Crédito: Miles Ahead...
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Brazilian Economy Threatened By Bloated Government April 10, 2012 Alvaro Vargas Llosa Investors.com Just over a decade ago, in a paper entitled “The World Needs Better Economic BRICs,” Goldman Sachs Asset Management Chairman Terence James “Jim”...
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Lei de salário mínimo e a opressão racial Legal este texto do Walter Williams. Principalmente por colocar mais um nonsense do discurso fácil na parede, ainda que de forma irônica. Trecho: Bureau of Labor Statistics unemployment data confirms...