BRYAN CAPLAN
May 7, 2013
Keynesian Bets: What's Out There
May 6, 2013
Keynesian Bets Bleg
May 6, 2013
The Pyramid of Macroeconomic Insight and Virtue
May 2, 2013
A Natalist Provision
May 1, 2013
I Was a Teenage Misanthrope
DAVID HENDERSON
May 5, 2013
John Thacker on Vaccinations and the Sequester
May 3, 2013
Chef Rudy's Virtues Project
May 2, 2013
My take on Reinhart and Rogoff
May 1, 2013
Medicare Kills a Program


How about textbooks, in particular? The macro textbook I used for my intermediate class at a state university (Mankiw) taught us Solow growth theory and no endogenous growth theory, for example. It taught us many theories which have seen been pretty well debunked. It left me wondering whether macro has made any strides at all as a discipline.
Certainly it is important to learn what the field has accomplished over many decades - one should not only learn the most recent models. However, a discipline such as biochemistry (and even biology 101) make sure to try to keep somewhat up-to-date. You don't learn that the human genome is probably only 2 million base pairs long, if we now know that its 250 million... or that the atom is indivisible simply because we used to think it was.
Much of the macro textbook taught us models created pre-1970s and it did not introduce any of the new theories and models that have come to replace them in the current literature.
This is great news! I had pretty much given up on economics as a practical field of knowledge when I took my only class in growth economics. That class convinced me that the field offered something practical. Over the years, I've noticed that development econ is less bound to obscure theory and more willing to look at what works and what doesn't. Development econ led the way in integrating culture/institutions with econ theory because it didn't have the burden of political correctness that kept macro in the dark.