Issues with Modern Macro, Part I...

A very readable paper by Alan Kirman on his issues with certain strains of modern macroeconomics...nothing new if you are already familiar with his work, but will provide an excellent summary of his major issues with the current state of macroeconomics that is tied to the recent/ongoing economic crisis.

Although I agree wholeheartedly with the criticisms outlined in this paper, I should mention that Kirman does not directly address some of the more recent advances in macroeconomics (such as the use of DSGE-style models with heterogeneous agents).  Many of Kirman's critiques will translate to these newer classes of models, but some may not (I am still trying to work out for myself which of his criticisms will carry over...).