korrents

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Neither monetarist money-supply-focused models nor Keynesian macro models have outperformed simple random-walk models at forecasting the macroeconomy.

Drawn from what Tyler Cowen said

economists
What this subject means

economists The economists themselves and the schools they founded -- Smith, Mill, Keynes, Hayek, Friedman -- rather than any one economic question.

Milton Friedman, Paul Samuelson

What Tyler Cowen actually said

  1. Tyler Cowen Economist at George Mason University
    Friedman’s focus on the money supply has not held up, as Samuelson suggested, but the alternative Keynesian macro models recommended by Samuelson in the same interview have not done better and they were not outperforming simple random walk models of predicting the macroeconomic future.

Added to korrents 2 Sept 2026 · How quotes work · Something wrong? Tell us

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