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John Van Reenen, Professor in MIT Department of Economics and Sloan was made an officer of the Order of the British Empire (OBE) in Queen Elizabeth II’s New Year’s Honors for services to Economics and Public Policy Making. The Order of the British Empire is an honor conferred by the Queen to those that have made important achievements in public life and dedicated themselves to serving and serving to the United Kingdom.
Keynesian economics as conceived by Keynes was totally static”; that is, it didn’t involve time as an important variable. But considered one of Keynes’s adherents, Roy Harrod , emphasised the importance of time in his simple macroeconomic model of a growing economic system. With the publication of Towards a Dynamic Economics (1948), Harrod launched a wholly new … Read more