“How Life In The Internet Changes The Practice Of Macroeconomics”

A lecture(podcast) (Youtube) by notable researcher Edward Hugh at the London School of Economics summarized as follows:

“A surprising feature of economic analysis of the current crisis has been the pivotal role played by a small number of bloggers, often positioned far from the academic mainstream. This event will feature one of the top bloggers on the Euro Crisis who will discuss the role the bloggers have played in our understanding of the current Euro Crisis, and in what ways having more data in our hard drive than the sum total of all previous economists changes our understanding of macroeconomics.”

Key points:

-models should be testable against real world data

-alternative viewpoints get more attention and should get more attention

-using data rather than self-referential models improves analysis

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: