There’s something Wolfgang on the internet

longandvariable

I like Wolfgang Munchau’s columns on the Eurozone crisis a lot.  But this one on claiming that macroeconomists need new tools is serious overreach.  Anyone actually building, solving or just reading others’ models, will see that it isn’t right, not even a little bit, on a single point it makes.  This is not to say macro doesn’t have challenges to answer, or may indeed need ‘new tools’.  But these are not for any of the reasons given in Wolfgang’s columns.

Error one.  That ‘their system of equations is linear’.  Well, this is true, except for the thousands that are not.  And those that are linear are approximated as such.  I dare say some don’t do this as advisedly as they should.  But most will know what they are doing, and when it works and when it does not.    But the importance of not making them linear is THE WHOLE…

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