The falling oil prices and weaker macroeconomic fundamentals on top of the negative external shocks have led to devaluation of the national currency and erosion of public trust in financial sector.
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Yes, more humility in "experts," economists included, would be welcome. But if this had been my first econtalk, or my first exposure to economics, I would conclude that economics is abstract theorizing with no connection to the real world. I don't think Russ really believes that. The people who would most benefit from such a realization are also least likely to arrive at it--politicians blithely foisting vast new legal and regulatory structures upon the rest of us, always comfortable that they've got experts backing their actions.
Demand Side Policies | Intelligent Economist
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John Maynard Keynes was a British economist whose ideas and theories have greatly influenced the practice of modern economics as well as the economic policies of governments worldwide.
What is Supply-side Economics? definition and meaning
I will begin my paper by first addressing my understanding of both economic theories, I will then compare and contrast both theories, and end my paper with my opinions on why I believe Keynesian Economics is what is best for America....
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At the basis of macroeconomics is an understanding of what constitutes national output, or national income, and the related concept of gross national product (GNP)....
An New Alternative Explanation: The “Theory” of Voodoo Economics
After researching this topic in great lengths, I have determined the Keynesian Economics far exceeds greatness for America compared to that of Classical Economics.
Theory of the firm: Managerial behavior, agency costs …
Keynes' theory was used during that aftermath of the Great
Depression, a catastrophe America will never forget and will never
be able to repay Keynes for the economic assistance in recovering
I'm Chris Anderson, editor-in-chief of Wired Magazine
of Tel Aviv University and New York University talks with EconTalk host about the state of game theory and behavioral economics, two of the most influential areas of economics in recent years. Drawing on his Afterword for the 60th anniversary edition of Von Neumann and Morgenstern's Rubinstein argues that game theory's successes have been quite limited. Rubinstein, himself a game theorist, argues that game theory is unable to yield testable predictions or solutions to public policy problems. He argues that game theorists have a natural incentive to exaggerate its usefulness. In the area of behavioral economics, Rubinstein argues that the experimental results (which often draw on game theory) are too often done in ways that are not rigorous. The conversation concludes with a plea for honesty about what economics can and cannot do.