Archive for October 12th, 2010

India is shining …but for whom?

October 12, 2010

Joan Robinson famously remarked:

everything and its opposite are guaranteed to be true in India.

She said this decades ago but is still so true. India is one of the few countries where you get completely opposite developments. On reading the newspapers, you are just struggling to read such diverse news about the same country.

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Macroeconomic models suffering from pretense of knowledge syndrome

October 12, 2010

There are a couple of interesting links on the state of macro-models.

First, there is a nice paper by Ricardo Caballero of MIT with a title that says it all- Macroeconomics after the Crisis: Time to Deal with the Pretense-of-Knowledge Syndrome.

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It is a Wicksell-Hayek recession

October 12, 2010

Meghnad Desai in his FE column says:

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