In the morning I read three articles the subject of article vary from financial crisis to urbanization and false theory of economists.
First, in today’s ET has articleTrickle-down economics almost never works
Second, fight over whether macroeconomics was advanced or not after 1970s. Typically T. C. A. Srinivasa-Raghavan says by quoting Keynes who said in 1931 that “If economists could manage to get themselves thought of as humble, competent people on a level with dentists that would be splendid.”
And “he is also intensely critical of the tendency introduced by engineers-turned-economists to look on the real world as a sort of machine where pressing the right buttons leads to predicable outcomes.”
In case of
In case of
T. C. A. Srinivasa-Raghavan earlier criticized Raghuram Rajan report on financial sector reform saying “unfortunately, and thanks in a large measure to the data boys, especially those with engineering backgrounds, this has become a generalised problem in macroeconomic analysis and policy wonking. So even though they pour scorn on anecdotal evidence, the data boys have become guilty of the same methodological flaw. They confuse correlation with causality and use induction and deduction inter-changeably.”