Author Archives: nkorovin

DSGE and Why It’s “Broken” – Paper Scrap

DSGE Dynamic Stochastic General Equilibrium, or DSGE model has been the most dominant recent macroeconomic model in the recent economic history. The name Dynamic Stochastic General Equilibrium does tell some interesting characteristic that the model possesses. “Dynamic” being the simplest part of the model just suggests that the model over goes a progress of constant […] Continue reading

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Updating Older Schools of Thought – Paper Scrap

Neo-Classical Economics Neo-Classical Economics is a form macroeconomic thought that was based on incorporation of rational expectation theory in the through 60s and 70s. This means that the macro economy is made of many individuals who make the best decisions that they possibly can and will drive the economy. This economic model is highlighted by […] Continue reading

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Classical and Keynesians – Paper Scrap

Unfortunately my descriptions of different economic thoughts that we have discussed this semester won’t make the final paper, but here they are for your viewing pleaser!   Classical Economics The first class of economics which had kicked off the main study of economics was the classical view of the economy. There was no differentiation between Macroeconomic or Microeconomic […] Continue reading

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Mark Cuban tweet

I was browsing the interweb this week and had stumbled upon this very interesting tweet from a multi-billionaire  Mark Cuban: Automation is going to cause unemployment and we need to prepare for it. https://t.co/YEp5txG9aP — Mark Cuban (@mcuban) February 20, 2017 This had really made me think about what will happen in the future (when […] Continue reading

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Mark Cuban tweet

I was browsing the interweb this week and had stumbled upon this very interesting tweet from a multi-billionaire  Mark Cuban: Automation is going to cause unemployment and we need to prepare for it. https://t.co/YEp5txG9aP — Mark Cuban (@mcuban) February 20, 2017 This had really made me think about what will happen in the future (when […] Continue reading

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Rational Expectations

My definition of rational expectation theory is people absolute best guess at what will happen in the future while using the things that have happened in the past, that they have learned over a period of time. This means that people do not make errors while predicting the future and they use ALL of the […] Continue reading

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My view

While reading the book, Prosperity for All, by Roger E.A. Farmer, my favorite chapter so far was, chapter 2, Keynes Betrayed. In the section “Classicals, Keynesians, and Bastard Keynesians,” the author had made a comparison, “The economy is like a boat on the ocean with a broken rudder. As the club hits the rocking horse, […] Continue reading

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