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> a lot of macroeconomics seems to be politics in disguise. It used to be called political economy. But macroeconomics went off on a math-trip in the 20th cen
by mr_toad 7y ago
> a lot of macroeconomics seems to be politics in disguise.
It used to be called political economy. But macroeconomics went off on a math-trip in the 20th century that rivals string theory in its practical applications.
- QuesnayJr 7y agoThe opposite is true. Before the mathematics, everyone in macroeconomics was hopelessly confused. The mathematics makes the claims people are making much clearer. People still argue about what Marx meant in Capital. Nobody argues what Kydland and Prescott meant in "Aggregate Fluctations and Time to Build" (an early mathy path on macroeconomics), because it's all right there in the math.