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“Equilibrium Decadence” in Law and Economics?

Here is Justin Wolfers discussing what Paul Krugman has called “equilibrium decadence” in the context of the current macro debate: The claim is that academic macroeconomists have become mired in a particularly fruitless equilibrium, in which each is engaged in the search for ever-greater levels of formal elegance, at the expense of empirical relevance. There?s definitely [...]

Full post as published by Truth on the Market on March 03, 2009 (boomark / email).