A Brief Note of Clarification

No, I am not saying that economic models are useless and unnecessary. I am saying that the models of Krugman and New Keynesians are useless, specifically IS/LM, the greatest advocate of IS/LM being Hicks – hence “Hicks/Hansen”. Hicks himself urged that IS/LM analysis be dropped, because IS/LM cannot describe a dynamic economy. It, therefore, made[…]