Something I wrote last week motivated Paul Krugman to riff:
Longrunonomics vs. Shortrunonomics
Something I wrote last week motivated Paul Krugman to riff: By 1988, it was already obvious that equilibrium business cycle theory had failed. Shiller had already circulated his devastating demonstration that asset prices were much too volatile to be explained by fundamentals, and the 1987 market crash had provided an object lesson in panic. Also, […]
December 09, 2010