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."
Wednesday, July 6, 2011
From Scott Sumner, some encouraging advice to young economists about idea generation.