There’s a nice new article on Wynne Godley today in The New York Times.
An interesting thing in the article is the mention of intuition via models while mentioning his book Monetary Economics.
Why does a model matter? It explicitly details an economist’s thinking, Dr. Bezemer says. Other economists can use it. They cannot so easily clone intuition.
That is so right. The models in the books of Wynne Godley – both Monetary Economics with Marc Lavoie and Macroeconomics with Francis Cripps give a good idea about the authors’ intuitions. Of course, needless to say the man was bigger than his models.