THE MAP IS NOT THE TERRITORY: MODELS, SCIENTISTS, AND THE STATE OF MODERN MACROECONOMICS

@article{Kay2012THEMI,
  title={THE MAP IS NOT THE TERRITORY: MODELS, SCIENTISTS, AND THE STATE OF MODERN MACROECONOMICS},
  author={John A. Kay},
  journal={Critical Review},
  year={2012},
  volume={24},
  pages={87 - 99}
}
  • J. Kay
  • Published 1 March 2012
  • Economics
  • Critical Review
Abstract Policy makers and economists alike failed to predict the financial crisis of 2008. Their failure is due not only to the difficulties in predicting events in a complex world, but to the self-referential character of modern macroeconomics. Instead of seeking new empirical insights about economic behavior, macroeconomists have become creators of computer games—content to develop models that are internally consistent but have no necessary connection to the real world. Economic modeling… 
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12 Citations
Background Citations
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Methods Citations
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Results Citations
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12 Citations

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