Wednesday, July 6, 2011

New Ideas

From Scott Sumner, some encouraging advice to young economists about idea generation.
Memo to young economists: Don’t ever think you’ve come up with a new idea. Unless your last name is Coase, you are almost certainly wrong. Everything in macroeconomics keeps get rediscovered with each new generation. I don’t even know if Attwood and Rooke are the first. Of course ideas are continually refined and developed, and I don’t doubt the Mankiw and Reis paper is far better than mine.
Or, in a different context, Tyler Cowen would say, "there's a literature on everything."

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