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Prices and Quantities: A Macroeconomic Analysis
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January 1, 2019
-Okun takes walrasian equilibrium thought and makes many realistic amendments. The focus is on the prevalence of quantity adjustments as opposed to price adjustment. Then how quantity, information, and relationships are key in labor, customer, and asset markets
-mostly armchair theorizing, but a much more realistic and plausible microeconomic analysis than some, especially for one that still retains marginalism
-some of mathemetizing incredibly simple and incredibly hypothetical concepts when reference to empirical evidence could substitute as the basis of the model
-still not sure why someone would create a mathematized formal theoretical economic model. That is instead of gathering historical and quantitative arguments and making verbal remarks about the interrelationships between the variables. A simple model like those in the book just boomerang back out the facts and assumptions used to create them. Leave equations and graphs to actual collected data, and then include every relevant fact no matter how much messy it makes the model. In real science, ideas that can be summarized into curves (like gas phase transition) are based on empirical data sets, and even then units and consistent increments are retained on the resulting graph
-good look at a more realistic attempt at theory, although it is a relic of the 70s with regard the laws of labor and asset markets and the focus on inflation
-mostly armchair theorizing, but a much more realistic and plausible microeconomic analysis than some, especially for one that still retains marginalism
-some of mathemetizing incredibly simple and incredibly hypothetical concepts when reference to empirical evidence could substitute as the basis of the model
-still not sure why someone would create a mathematized formal theoretical economic model. That is instead of gathering historical and quantitative arguments and making verbal remarks about the interrelationships between the variables. A simple model like those in the book just boomerang back out the facts and assumptions used to create them. Leave equations and graphs to actual collected data, and then include every relevant fact no matter how much messy it makes the model. In real science, ideas that can be summarized into curves (like gas phase transition) are based on empirical data sets, and even then units and consistent increments are retained on the resulting graph
-good look at a more realistic attempt at theory, although it is a relic of the 70s with regard the laws of labor and asset markets and the focus on inflation
Displaying 1 of 1 review