After 15 posts, 17,795 words, and about 9 months, my series of posts on the problems with modern macro is finally complete. If anyone cares, here is the list of all the posts in order.
Part 1: Before Modern Macro – Keynesian Economics
Part 2: The Death of Keynesian Economics: The Lucas Critique, Microfoundations, and Rational Expectations
Part 3: Real Business Cycle and the Birth of DSGE Models
Part 4: How Did a “Measure of our Ignorance” Become the Cause of Business Cycles?
Part 5: Filtering Away All Our Problems
Part 6: The Illusion of Microfoundations I: The Aggregate Production Function
Part 7: The Illusion of Microfoundations II: The Representative Agent
Part 8: Rational Expectations Aren’t so Rational
Part 9: Carrying on the Torch of the Market Socialists
Part 10: All Models are Wrong, Except When We Pretend They Are Right
Part 11: Building on a Broken Foundation
Part 13: No Other Game in Town
Part 14: A Pretense of Knowledge in Macroeconomics
Part 15: Where Do We Go From Here?
If you made it through all of them I’m not sure if I should congratulate you or feel sorry for you, but either way thanks for reading.