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The Economists' Voice 2.0The Financial Crisis, Health Care Reform, and More$
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Joseph Stiglitz and Aaron Edlin

Print publication date: 2014

Print ISBN-13: 9780231160155

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231160155.001.0001

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If It Were a Fight, They Would Have Stopped It in December of 2008

If It Were a Fight, They Would Have Stopped It in December of 2008

Chapter:
(p.188) Chapter 24 If It Were a Fight, They Would Have Stopped It in December of 2008
Source:
The Economists' Voice 2.0
Author(s):

Robert J. Barbera

Publisher:
Columbia University Press
DOI:10.7312/columbia/9780231160155.003.0024

This chapter comments on an article in the December 2009 issue of The Economists’ Voice, where University of Chicago Professor Casey Mulligan rejected Paul Krugman’s rebuke of freshwater economics and reaffirmed his faith in the New Classical Economics. Mulligan’s defense was short. He offered up a super-stylized macro model and pointed out that inclusion of a distortion term for his capital and labor market equilibrium conditions allowed him to comfortably explain the 2008–2009 recession. The author, a Wall Street economic practitioner, is decidedly unconvinced. He further argues that the new classical economics framework seems to be an impediment not only to prediction but to description.

Keywords:   economic theory, macroeconomics, new classical economics, recession

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