Limits of Representative-Agent Models

Bob has a delightful discussion with one of his NYU professors on the recent controversy regarding the use of math in economics.

Mentioned in the Episode and Other Links of Interest:

• The YouTube version of this interview.
• Paul Romer's critique of "mathiness" in the theory of economic growth.
• Bob's doctoral dissertation, with mathematical appendix showing the problems with assuming the real rate of interest equals the marginal product of capital. (The punchline is equation [4] on page 190.)
• The link for this episode’s sponsor, Monetary Metals.
• Help support the Bob Murphy Show.