Econ Podcast of the Day

Phelps on Unemployment and the State of Macroeconomics;

Samuelson's project to correct, clarify and broaden the theory brought into focus its strengths; but also its limitations: It abstracted from the distinctive character of the modern economy--the endemic uncertainty, ambiguity, diversity of beliefs, specialization of knowledge and problem solving. As a result it could not capture, or endogenize, the observable phenomena that are endemic to the modern economy--innovation, waves of rapid growth, big swings in business activity, disequilibria, intense employee engagement and workers' intellectual development. The best and brightest of the neoclassicals saw these defects but lacked a micro-theory to address them.

January- The month of Samuelson

This January we will be celebrating the achievements of Paul Samuelson. Every month we plan to celebrate an eminent economist- a new feature we are introducing on the blog for 2010.

Related:
Assorted on Samuelson