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Unlearning economic paradigms

Cohen-Setton, Jeremie, (2015), “Unlearning economic paradigms”, Bruegel publications, 30 Νοεμβρίου

What’s at stake: Both the crisis, its aftermath, and the empirical econ revolution have changed our understanding of economics. Conventional wisdoms about the supply side of the economy, the length of the short run, or the international adjustment process are all being challenged. Even conventional microeconomic wisdoms about the role of minimum wages and welfare programs are being challenged by new data raising questions about how economics should be taught and used to guide policymaking.

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