I think you've got to watch out for anybody in high school who says he wants to become an economist.

What I really don't like is oversimplification.

Keynes was a very good economist. He was brilliant. He had wonderful insights. His work has inspired me many times.

In the 1980s, there were occasions when it made sense to say, 'it is too difficult to maximize the likelihood function, and besides if we do, it will blow our model out of the water.

I'm happy to say I am a Harrison-Kreps-Keynesian.

I think you've got to watch out for anybody in high school who says he wants to become an economist.

The first and most optimistic response was complete rational expectations econometrics. A rational expectations equilibrium is a likelihood function. Maximize it.