The article is a response to a polemical essay of J. Kay and his critique of macroeconomic modeling. The author shows that models are an indispensable instrument of economic analysis and that the only alternative would be the formulation and estimation of structural relationships between...

The article claims that modern economics is in the state of crisis, because the major macroeconomic theories are in fact based on the concept of rational expectations, and the main method of research is considered to be the model-building with models as "artificial worlds". Therefore it is...

The Easterlin Paradox—the perceived absence of a relationship between economic progress and happiness—is one of the most important continuing debates in economics. Yet, both sides of the extant debate are anchored on valid mathematical arguments. The preponderance of evidence is therefore...

In Albers & Albers (Spring, 2013) we demonstrated that the historic development of U.S. real GNP, 1869-present, may be structured in recurring 14-year periods. A steady-state rate of growth of 3.4969% is thereby calculated, generating an increase in real GNP proportional to the famous “Golden...

The debate on the future of macroeconomic theory is in full swing. Uneasiness about mainstream macroeconomics, and more in particular the ubiquitous DSGE line of research, could already be heard in some circles well before the Credit Crunch and the ensuing economic crisis. This paper argues that...

Social science has come under a firestorm of criticism following the discovery that many findings cannot be replicated. This paper argues that increasing the use of out-of-sample tests would improve the reliability of findings in all fields, including “complex” fields such as macroeconomics....

“… if I create high quality research, readers and other interested researchers will beat a path to my door”. WRONG. Such an approach worked well in the 19th century and seemingly for much of the 20th century. However, the way of the 21st century is for smart “consumers” of new...

Faff’s (2015; 2021) “Pitching Research” framework (PRF) is built on a research planning tool that challenges (novice) researchers to productively communicate their prospective research ideas to academic field experts. The framework gives you a total communication budget of 1,000 words ± 20%,...

Faff’s (2015; 2021) “Pitching Research” framework (PRF) is built on a research planning tool that challenges (novice) researchers to productively communicate their prospective research ideas to academic field experts. The framework gives you a total communication budget of 1,000 words ± 20%,...

In many sciences – physical, but also biology, neuroscience, and other life sciences – one object of reductionism is to purge intentionality from the fundamental basis of both explanations and the explanatory target. The scientifically relevant level – ontologically and epistemologically...