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inside the economist s mind part 3

Phỏng vấn với David MD 55 Cass: Một số người nói những điều tương tự vì niềm tin cơ bản trong vĩ mô của Keynes là lý do tại sao bạn làm điều đó? Cass: Không, nó không phải là. Tôi phải thừa nhận rằng đây là loại của một bất thường, | An Interview with David Cass 55 MD Some people say similar things because of fundamental belief in Keynesian macro is that why you do it Cass No it isn t. I have to admit that this is kind of an anomaly because what it is ultimately is destructive. I ve been using a competitive equilibrium model as a benchmark and it has no predictive power so in a way it is kind of self-destructive. I m very interested in that. Intellectually it interests me to try to figure out what it is that will pin down equilibrium. I am still at the stage where I don t know what the answer is. MD It s certainly a clear intellectual challenge for the future. Cass Well it is an intellectual puzzle. And I must admit that in my career in economics I have always been interested in an intellectual puzzle even though it s not fashionable it may have no practical relevance God knows what you can criticize it on a million grounds. A good example of that is spending a couple of years working on this problem of characterizing Pareto optimality and efficiency in an infinitedimensional growth model. MD What is in the future for micro macro general equilibrium game theory What lies ahead Cass I have a very short work horizon. I always have. I think ahead to the next problem I am going to work on. I have always been penalized greatly when applying for grants because I haven t the foggiest idea of what I will be working on in the future MD It goes back to the question you told us Koopmans asked on the job market doesn t it Cass Maybe that s the whole problem yeah We ve come full circle. But I actually know that there is a big component of serendipity in research. I mean if you told me 15 years ago that I would be doing general equilibrium with incomplete markets I would have said Are you crazy The serendipity there is that I wanted to construct examples of sunspot equilibria with missing markets and I realized that there were a lot of interesting questions about the model that I wanted to use for that .