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As Dave Kollat told me way back in 1974, "Micro is trivial and macro is wrong." I went on to study a bit of economics anyway, attending some graduate seminars at Harvard. On one occasion, some grad student held forth "It is axiomatic that ...", whereupon I retorted "It may be axiomatic, but it happens to be incorrect."

My life would actually have been easier had I respected economics. I jumped from math all the way to business or public policy (I wound up as a Kennedy School post-doc); the only assistant professorship I was ever offered was at a B-school (Kellogg); I went to Wall Street instead; and have been in the business world ever since.



easier != worthwhile

Sometimes something is not worthy of your respect! Something I thought was interesting is that the article is basically a rehashing of the Austrian criticism of modern macro. Although the austrians superimpose their own theology as well.




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