Matt_Simpson comments on Valuable economics knowledge available, ironically, for free - Less Wrong

29 Post author: Stuart_Armstrong 18 July 2013 11:30AM

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Comment author: Lumifer 18 July 2013 03:22:10PM 15 points [-]

I would caution to be sceptical of undergrad-level economics, in particular macro. The usual models taught to students have huge problems dealing with the real world.

This is not to say that one should not study economics. However the state of this discipline is pretty bad right now (again, in particular concerning macro) and it's generally acknowledged that simple macro models are NOT how the world actually works.

Comment author: Stuart_Armstrong 18 July 2013 03:51:19PM *  9 points [-]

Thanks for the warning! Do you have any references for this, btw, or is it just your own sentiment?

Comment author: Matt_Simpson 19 July 2013 09:19:18AM 6 points [-]

FWIW I'm a grad student in econ, and in my experience the undergrad and graduate macro are completely different. I recall Greg Mankiw sharing a similar sentiment on his blog at some point, but can't be bothered to look it up.

Comment author: framsey 20 July 2013 06:10:09PM 0 points [-]

I would say that undergrad and grad econ are very different methodologically (at least at most schools), but a lot of the content is the same.

Stephen Williamson's intermediate macro textbook tries to bring in a lot of grad-level models/concepts, albeit in a "toy" form.

Comment author: Matt_Simpson 20 July 2013 08:29:12PM 1 point [-]

What do you mean by 'content' here? The basic narrative each model tells about the economy?

I think I agree with you. The big difference between the models I learned in undergrad and the models I learned in grad school was that in undergrad, everything was static. In grad school, the models were dynamic - i.e. a sequence of equilibria over time instead of just one.

Comment author: framsey 20 July 2013 09:08:31PM 0 points [-]

What do you mean by 'content' here? The basic narrative each model tells about the economy?

Right. Plus most undergrad models have an analog in grad macro, i.e. the AD-AS model and the New Keynesian model, or Quantity theory of money and a basic cash in advance model.

The big difference between the models I learned in undergrad and the models I learned in grad school was that in undergrad, everything was static. In grad school, the models were dynamic

True in general. Some intermediate macro courses use a two-period framework to explore basic dynamics. Williamson's textbook does this.

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