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In contrast to Smith’s incomplete modeling, his follower, David Ricardo, provides a coherent setting— basically, the first macroeconomic model—that c… - Robert Barro
" "In contrast to Smith’s incomplete modeling, his follower, David Ricardo, provides a coherent setting— basically, the first macroeconomic model—that can be tested, modified, and applied. Although Ricardo is surely narrower and less imaginative and insightful than Smith, he is also a lot better organized. That is why Ricardo’s analysis of macroeconomics—for example, of the implications of public debt—is more coherent and useful than Smith’s.
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About Robert Barro
Robert Joseph Barro (born September 28, 1944) is an American classical macroeconomist and the Paul M. Warburg Professor of Economics at Harvard University.
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Robert Joseph Barro
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Summers’s outlook on economic policy can be summarized by the remark that he gave me some years ago: “If I had your views on economics, I would find another profession.” He meant that if free markets usually worked well and the government ought usually to stay out, then he would find economics to be an uninteresting occupation. Fortunately for Summers, he has always believed in the potential benefits from governmental activism, although the strength of this belief may have diminished over time.
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