RBC — four decades of intellectual regress
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from Lars Syll Neoclassical economics is known for its illicit use of garbled language which hides and convolutes instead of explains … An interesting example is the chapter by Edward Prescott, titled ‘RBC Methodology and the Development of Aggregate Economic Theory’. Let’s first give the floor to him, mind that ‘leisure’ means ‘measured unemployment’: “What […]
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