The dominance of micro-founded macroeconomic models—models derived directly from the microeconomic concepts of utility-maximizing individuals and profit-maximizing firms, and based on the Ramsey Neoclassical growth model (Ramsey 1928)—did not go unchallenged prior to the Global Financial Crisis. But the critics were treated in the time-honoured Neoclassical way, of being both ignored and disparaged—if they were, … Continue reading "Soul-searching by a soulless discipline"