A number of economists have recently been debating what is wrong with macroeconomic modelling today. The University of Chicago's John Cochrane, Oxford’s Simon Wren-Lewis, Berkeley’s Brad DeLong, and ...

To the growing list of famous mainstream macroeconomists who have publicly criticized their discipline, add another: In a recent essay, Lawrence Christiano of Northwestern University argues that the ...

Keynesian economic theory comes from British economist John Maynard Keynes, and arose from his analysis of the Great Depression in the 1930s. The differences between Keynesian theory and classical ...

Just how important is money? Few would deny that it plays a key role in the economy.­ During the Great Depression of the 1930s, existing economic theory was unable either to explain the causes of the ...

Ongoing effective economic experiments among the 50 states are sharpening, and definitive results will pour out in the real world, editorial and opinion fallacies to the contrary notwithstanding. That ...

The fundamental principles of economics are based on human nature and do not change regardless of how they are interpreted. People behave certain ways on an individual and societal level based on the ...

As always the best way to explain anything is with a story - and in this case a true story. Forest fires are a major concern in many parts of the U.S., upsetting lumber companies who saw profits burn ...

Robert Rector, a leading authority on poverty, welfare programs and immigration in America for three decades, is The Heritage Foundation’s senior research fellow in domestic policy. The White House ...

During the great depression of the 1930s, existing economic theory was unable either to explain the causes of the severe worldwide economic collapse or to provide an adequate public policy solution to ...