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Do Informational Frictions Justify Federal Credit Programmes?

In: Uncertainty, International Money, Employment and Theory

Author

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  • Louise Davidson

Abstract

I tell my students that the best way to evaluate any logical model is to consider the model builder as if she is a magician. Model-builders rarely make logical errors in moving from axioms to conclusions, any more than professional prestidigitators drop the deck while performing a card trick. Model-builders excel at creating the illusion of pulling relevant policy conclusion rabbits out of their black hat model. The more surprising the rabbits pulled from the hat, the greater the audience enjoyment and applause.

Suggested Citation

  • Louise Davidson, 1999. "Do Informational Frictions Justify Federal Credit Programmes?," Palgrave Macmillan Books, in: Louise Davidson (ed.), Uncertainty, International Money, Employment and Theory, chapter 19, pages 246-253, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-14991-9_19
    DOI: 10.1007/978-1-349-14991-9_19
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