Study Questions on Backhouse and Roemer
1. Backhouse distinguishes two main notions of "rigor" in economics. What are they? Is pursuing one comatible with purusing the other? Why are the two notions compatible or incompatible?
2. Backhouse gives a history of the development of modern economics with a number of facets (about which we'll be reading a good deal more during the rest of the semester). In particularly he discusses (1) econometrics, (2) general equilibrium theory, (3) Keynesian economics, (4) monetarism, (5) rational expectations, and (6) real business cycle theory. What re each of these? Which are compatible and which are in conflict? To what extent are the developments in each driven by (1) data, (2) the requiresments of mathematical modeling, and (3) theoretical commitments?
3. Romer's essay on business cycles was written before the near collapse of the financial system in 2008 and the lesser depression we're still recovering from. How would or should she rewrite it now?