Most economists will agree that Milton Friedman is a brilliant economist. Yet, the majority assessment is that his work is ideologically flawed, and that the Marshallian economics he advocates has been superseded by Walrasian economics. In this paper I argue that the reason for this negative...

Recently, Ben Bernanke has argued that in the events leading up to the financial crisis, mistakes were made, but they were primarily engineering or management mistakes, not mistakes in the fundamental science of macroeconomics, which he sees as sound. This paper argues that Bernanke is wrong and...

From the movie, Inside Job, one gets the sense that economists are ethically challenged because they take payments for writing papers that say what the funders of their research want them to say. This paper takes issue with that and suggests that the more serious ethical problem of economics has...

In the paper "Conversation or Monologue: On Advising Heterodox Economists," we are taken to task by Matías Vernengo on a number of issues made in Colander, Holt, and Rosser (2004b; 2007-8). In this paper, we respond to two central arguments made by Vernengo, and stand by our earlier arguments that...

This paper argues that the DSGE approach to macroeconometrics is the dominant approach because it meets the institutional needs of the replicator dynamics of the profession, not because it is necessarily the best way to do macroeconometrics. It further argues that this “DSGE-theory first”...