Umair Haque / Bubblegeneration
umair haque  


Design principles for 21st century companies, markets, and economies. Foreword by Gary Hamel. Coming January 4th. Pre-order at Amazon.

Thursday, July 22, 2010

The Utopia Merchants

"The point I am making is that the DSGE model has nothing useful to say about anti-recession policy because it has built into its essentially implausible assumptions the “conclusion” that there is nothing for macroeconomic policy to do".

Solow, via Thoma.

The real utopia isn't the idea of building a better economics. It's the one economics as we know it already assumes; the one that was promised to us under the terms of yesterday's tired institutions.

It is by confronting those utopian assumptions, and squaring them with the tremendous shortcomings of market orthodoxy and financial capitalism in the real world, that new paths to prosperity will be unlocked.

And, I'd venture to guess, only by doing so.

-- umair // 11:20 PM // 0 comments


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