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Economics has always flourished and acquired energy from controversies generated by practical policy questions of the day. That was true in the times… - James Tobin
" "Economics has always flourished and acquired energy from controversies generated by practical policy questions of the day. That was true in the times of Smith, and Ricardo, and Keynes, and it is true today. These periods of division and revolution and counterrevolution are generally followed by periods of synthesis and consolidation from which the science emerges stronger. i am optimistic that this will happen again, and that the best of the insights of the new clasicals will be absorbed in a mainstream, in which the essential insights of Keynesian economists also survive.
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About James Tobin
James Tobin (March 5, 1918 – March 11, 2002) was an American economist who served on the Council of Economic Advisers and consulted with the Board of Governors of the Federal Reserve System, and taught at Harvard and Yale Universities. He developed the ideas of Keynesian economics, and advocated government intervention to stabilize output and avoid recessions. His academic work included pioneering contributions to the study of investment, monetary and fiscal policy and financial markets. He also proposed an econometric model for censored dependent variables, the well-known Tobit model.
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Ball, Mankiw, Romer and others style themselves as New Keynesians. Their program is to develop improved microeconomic foundations for imperfectly flexible prices. In the process, they hope to illuminate the paradox that individually rational or near-rational behavior can result in significant collective market failures. These are certainly laudable objectives. In the end, I suspect, the program will not change the essential substance of Keynesian macroeconomics. But it will make Keynes more palatable to theorists.
For me, growing up in the 1930s, the two motivations powerfully reinforced each other. The miserable failures of capitalist economies in the Great Depression were root causes of worldwide social and political disasters. The crisis triggered a fertile period of scientific ferment and revolution in economic theory.
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[F]or monetary analysis... assign... to each asset a rate of return <math>r_i (i=1,2,... n)</math> and... [imagine] each sector <math> j (j=1,2,... m)</math> to have a net demand for each asset, <math>f_{ij}</math>, which is a function of the vector <math>r_i</math> and possibly of other variables... [I]n practice, many of the cells are empty...
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