Monthly Archives: January 2009

But Keynes Is Saved by Walras’s Law Tyler Cowen writes: Keynes’s General Theory, chapter six: in part ii the bombshell comes, unannounced. Keynes decides that he will declare savings to be a “mere residual.” Consumption and investment alone will determine … Continue reading →

Dani Rodrik writes: Self-discovery in practice It is remarkable to see something in theory work so well in practice. Ricardo Hausmann and I wrote a paper several years ago called “Economic Development as Self-Discovery,” where the idea was that entrepreneurship … Continue reading →