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On the 4th October INET published a paper, written by John, that deals with the relationship between economics and the world we live in. The Map Is Not the Territory: An Essay on the State of Economics spells out methodological critiques of economic theory in general, and of DSGE models and rational expectations in particular.

INET forwarded John’s paper to a handful economists and invited them to respond. Harald Uhlig, Chairman of the Economics Department of the University of Chicago, replied with his recent paper Economics and Reality.

Michael Woodford, John Bates Clark Professor of Political Economy at Columbia University, offered his perspective in What’s Wrong With Economic Models? A Response to John Kay.

You can also read the editor of the Journal of Post Keynesian Economics, Paul Davidson’s response here.

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