ARNOLD KLING
August 14, 2011
The Top Political Contributors
August 11, 2011
Gender and the New Commanding Heights
August 11, 2011
Jamie Galbraith Makes an Assumption
August 11, 2011
Macroeconometrics: The Science of Hubris
August 10, 2011
Real and Nominal Bond Yields
BRYAN CAPLAN
August 14, 2011
The Effect of Thumb Sucking on Income
August 12, 2011
The Voice of Cold, Hard Truth to All Would-Be Educators
August 12, 2011
Ability, Morality, and Prosperity: A Paper and a Report
August 11, 2011
The Theory of Time and Frittering
August 10, 2011
Male Variance and the Remnants of the Gender Gap
DAVID HENDERSON
August 9, 2011
Hayek in "Unbroken", Part Two
August 8, 2011
Hayek in "Unbroken"
August 5, 2011
James Bovard on the Peace Corps
August 4, 2011
Summers Way Off on FDR and 1941
August 3, 2011
The "Amazon" Tax


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.