How Economics Should Be Done
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How Economics Should Be Done

Essays on the Art and Craft of Economics

David C. Colander and Huei-Chun Su

David Colander has been writing about economic methodology for over 30 years, but he goes out of his way to emphasize that he does not see himself as a methodologist. His pragmatic methodology is applicable to what economists are doing and attempts to answer questions that all economists face as they go about their work. The articles collected in this volume are divided, with the first part providing a framework underlying Colander’s methodology and introducing Colander’s methodology for economic policy within that framework. Part two presents Colander’s view on the methodology for microeconomics, while part three looks at Colander’s methodology for macroeconomics. The book closes with discussions of broader issues.
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Chapter 14: Beyond DSGE Models: Toward an Empirically Based Macroeconomics

Essays on the Art and Craft of Economics

David Colander, Peter Howitt, Alan Kirman, Axel Leijonhufvud and Perry Mehrling

Extract

There has, for some time, been a strong undercurrent of opposition to modern macroeconomic models which, in their latest incarnation, have coalesced around dynamic stochastic general equilibrium models. Critics ask: how can models that assume away any agent coordination problems shed much light on macro phenomena that are intrinsically involved with such problems?

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