Letter to a Younger Generation

Arnold Harberger ()

Journal of Applied Economics, 1998, vol. 1, 1-33

Abstract: This paper has the purpose of transmitting to the younger generation of economists some insights and judgments that seem to have been bypassed or overlooked as the literature of the economics profession has evolved. In the main, the paper tries to explain what is "The right place" within economics to employ particular sets of assumptions or methods. Where is the use of the representative consumer appropriate, and where not? What is the "natural" range of application for overlapping generation models? When is it appropriate to treat the capital flow to (or from) a country as infinitely elastic with respect to the interest rate? These and other questions will be pursued, with the objective of alerting the younger generations to important decisions they have to make as they strive to keep economic science robust, relevant and helpful in improving the economic life of real-world populations.

Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:cem:jaecon:v:1:y:1998:n:1:p:1-33

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