One thing which never ceases to bemuse me is the intellectual insularity of mainstream economics. Every intellectual specialization is, by necessity, insular. Specialization necessarily requires that, to have expert knowledge in one field—say, physics—you must focus on that field to the exclusion of others—for example, chemistry. Given the extent of human knowledge today, this goes … Continue reading "The Impossibility of Microfoundations for Macroeconomics"