The Economic Method
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The Economic Method

The Economic Method

A collection of articles that deal with the methodology of Economics and related disciplines
Curated by Graham Watson
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Game of Theories: The Great Recession

From www.youtube.com - December 5, 2017 2:14 PM

Tyler Cowen puts Keynesian, monetarist, real business cycle, and Austrian theories to work to explain a downturn from recent economic history: the Great Recession.

Graham Watson's insight:
The ever-affable Tyler Cowen looks at the various different models of the business cycle and how they explain the so-called Great Recession.

More typically excellent stuff from Marginal Revolution University...
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Game of Theories: Real Business Cycle

From www.youtube.com - November 21, 2017 12:20 PM

Many economic downturns throughout human history can be explained by real business cycle (RBC) theory. So what makes this theory “real” and what are its drawbacks? We’ll cover both in this five-minute tour of RBC.

Graham Watson's insight:

I have to confess that Marginal Revolution University is one of my favourite sites. Anything to popularise economics and explain concepts in eye-catching, and accurate ways. This video looks at yet another theory of the business cycle, the real business cycle, and helps clarify why it's more 'real' than other types of business cycle and what the limitations of the theory are.


One of the classic examples - the impact of the OPEC oil price shock of 1973-74 is cited.

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Game of Theories: The Austrians

From www.youtube.com - November 29, 2017 3:06 AM
Austrian business cycle theorists argue that the central bank could be distorting market signals for entrepreneurs. How does this contribute to booms an
Graham Watson's insight:
More first-class economics: an Austrian anaylsis of the business cycle via Marginal Revolution University. It's Hayek to the max.
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Game of Theories: The Keynesians

From www.youtube.com - November 8, 2017 2:33 AM

When the economy is going through a recession, what should be done to ease the pain? And why do recessions happen in the first place? We’ll take a look at one of four major economic theories to find possible answers – and show why no theory provides a silver bullet.

Graham Watson's insight:
A nice theoretical clip from Marginal Revolution University looking at four major theories of business cycles, how they apply to the 'Great Recession' of 2008 and whether or not their solutions are applicable.

First up: Keynesianism, and demand management.
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