Paul Krugman

@paulkrugman ↗

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Last Checked Dec. 3, 2021

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Tue Oct 19 19:05:19 +0000 2021

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Paul Krugman @paulkrugman

Others do detailed dives into the richness of history; and there is a role for rigorous theoretical modeling to derive general principles, even if the assumptions of those models should always be taken with a grain of salt 7/ — PolitiTweet.org

Posted Oct. 19, 2021

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Paul Krugman @paulkrugman

My own academic work generally involved a different strategy: devising toy models that offered a stylized, simplified account of how the world might work, and asking whether those models fit the stylized facts 6/ — PolitiTweet.org

Posted Oct. 19, 2021

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Paul Krugman @paulkrugman

None of these approaches is better than the others — they play different roles and can, as I said, complement each other. For example, I'd argue that the events surrounding the 2008 financial crisis offered natural experiments that bear on our toy macro models 8/ — PolitiTweet.org

Posted Oct. 19, 2021