Daily commentary: On teaching economics

There has been a lot of back and forth in the financial and economics blogosphere about the centrality of financial institutions and their facilitation of private debt accumulation leading up to the Great Financial Crisis. Some people like Paul Krugman are apparently still of the view that banks don't really matter when you model an economy despite the financial crisis. He also says:

So, first of all, my basic reaction to discussions about What Minsky Really Meant — and, similarly, to discussions about What Keynes Really Meant — is, I Don’t Care. I mean, intellectual history is a fine endeavor. But for working economists the reason to read old books is for insight, not authority; if something Keynes or Minsky said helps crystallize an idea in your mind — and there’s a lot of that in...


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