La microfundation europea

He recibido acerbas y malévolas criticas a mi post sobe la hipocresía de loa "micro fundación". Va bene, pero no he conocido nunca un caso en que se pretenda crear empleo mediante eñ ajuste fiscal. No se que tipo de micro fundaciones esa gaita, pero NUNCA jamás he oído de ella. Si no, vean la declaración oficial de la ultima cumbre que cito en el post. Es para cortarse las venas. De que tipo de homo oeconomicus están pensando? El homo usubyugadus, o el homo OPERADO por el doctor MA-LO Y REPRODUCIDO POR PARTOGENESIS A velocidad de la luz? en todo caso, sé quienes han difundido tal excrecencia. Capullo y CIA & CINFILITICOS.

... Y hablando de microfundations, no puedeo dejar de citar a Christina Rommer, en una entrevista la mar de aclaratoria en christina-romer-on-learning-great-depression, a la que accedo vía themoneyillusion.com:

I frequently tell students: If you buy only one economics book, it should be A Monetary History. The book is obviously important for our understanding of the Great Depression, but its impact goes far beyond that. Friedman and Schwartz show us that monetary events and monetary policy have affected real output throughout American history.

That's a fundamentally important finding. It tells us that a monetary development that affects aggregate demand has an impact on the things we care about, like employment, unemployment and how much we produce in the economy. The other thing that Friedman and Schwartz do is show us how to use historical evidence on policymakers’ motivation and thinking to help establish a causal relationship between money and output.

 With regard specifically to the Great Depression, Friedman and Schwartz show that there were large declines in the money supply associated with repeated waves of banking panics. They also provide compelling evidence that bad economic ideas and a dysfunctional organisational structure were key reasons why the Federal Reserve did so little to stop the panics.

Pura regularidad empírica, que no puede acogerse a microfundations estúpidas. Si a través de más de un siglo se comprueba que las contracciones monetarias producen depresiones, pero se obvia con consideraciones filisteas, pues desconfiemos de las microfunfations. Cuando digo que las microfundations de la economía europea son de coña, o de llorar, es que son de coña. Todo se basa en suprimir lo que ha persistido en economía desde hace siglos. Y sobre eso se montan seudociencias para demostrar que la verdad está de su lado. Pues eso.
Yo prefiero el equlibrio parcial, a lo Marshall/Friedman, y no desdeñasr la inducción, que construir bonitos castillos en el aire que, además, son percersos: estan hechos ad hoc para defender uan política.
Claro que la relación de datos no basta:

The brilliance of this book is that Friedman and Schwartz use a lot of non-statistical or narrative evidence. They read the diaries of people running the Federal Reserve in the 1930s and they went through the records of the policymaking process. They were able to identify times when the money supply moved for relatively independent or exogenous reasons – not in anticipation of what was going to happen to output or because of other things going on in the economy. What they found was that after these relatively exogenous movements in the money supply, output moved strongly in the same direction.