THE FUTURE OF MACROECONOMICS: A CYBERNETIC VIEW

A Future for Keynesian Macroeconomics

A cybernetic view on wind-up.

Wind-up is described traditionally as a frequency dependent increase in the excitability of spinal cord neurons, evoked by electrical stimulation of afferent C-fibers. Different kinds of wind-up have been reported, but wind-up of Abeta fibers in hyperalgesic states has gained little attention. In this paper, we present a cybernetic view on Abeta fiber wind-up and consider the involved molecular...

A Cybernetic View on Data Quality Management

Corporate data of poor quality can have a negative impact on the performance of business processes and thereby the success of companies. In order to be able to work with data of good quality, data quality requirements must clearly be defined. In doing so, one has to take into account that both the provision of high-quality data and the damage caused by low-quality data brings about considerable...

Forecasting in Macroeconomics: a Practitioner’s View**

Statistical criteria for forecast quality in practice have limited relevance. They can be valid only in the context of a set of untested assumptions which are usually unknown and certainly difficult to judge for the client. Three non-statistical criteria are stressed: logical coherence, economic coherence, and stability. These criteria are best served by the use of structural models. As loss fu...

Is There Empirical Support for the ‘Modern’ View of Macroeconomics?

This paper argues that the basic model of the ‘modern’ view of macroeconomics appears to be a poor approximation of the actual economy.