Monday, April 9, 2012

On Simon Wren Lewis

I note that you provide neither evidence nor reasoning in support of the claim that Microfounded model building is a very important and useful thing to do.". Notably the core-periphery hybrid model is vulnerable to the Lucas crtique. What does the core model add which is useful ? Having a model which is not confronted with the data written down adds what exactly ? Does the core-periphery model fit the data better than a model which is not based on adding inconsistent equations to a logically consistent core ?

You note someone's (King's I assume) determination to include a logically consistent core ( then add inconsistent equations before making predictions or guiding policy. As presented, this seems to be a matter of intellectual fashion. Evidence doesn't appear in that stage of your story (as it does in the stage of adding ad hoc corrections to thecore model).

I don't know where to put this, but Mankiw's use of the word " scientists" has no connection with practice in the natural sciences in which, historically, theories bow to facts. Can he explain why he did't write "mathematicians" ?

Finally, what basis is there for the claim that the "better journals" are better than other journals ? They are presented as journals publishing social science, but empirical success is not required. You note correctly that they have huge status in the field, but do not address the question of whether this has anything to do with science, reality, understanding, insight or intellectual progress.

Oh I am getting rude as usual. So, before hitting publish, I want to thank you on behalf of at least UK residents for not sticking with an elegant model which does not fit the data. As I understand this post you et al rendered a false but fashionable model harmless. This made the UK a better place and I applaud your intellectual courage.

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