Jamal Awil

← Never Let a Serious Crisis Go to Waste

Once the presumption of omniscience broke down. [fact]

Once the presumption of omniscience broke down, then the consequences of the banishment of methodological self-scrutiny began to be felt. Both the criticisms and defenses of DSGE, at the congressional hearings and elsewhere after the crisis onset, were distressingly unsophisticated, as one might expect as fallout from the ostracism of methodological thought. Robert Solow testified in Congress that DSGE models “didn’t pass the smell test,” introducing a novel olfactory standard for scientific model choice.

Philip Mirowski, Never Let a Serious Crisis …, loc. 788