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Econ 301 are for Economics geeks only. The following post appeared on the website Taking Hayek Seriously. It deals with the sub-set of economics known as macroeconomics and puts in more technical terms why anything approaching top-down approach (primarily Monetarism and Keynesianism and their variants) cannot work.
Friedrich Hayek expressed the need for bottom-up economics in many papers and ways. Here is one: “The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” Friedrich Hayek
Other papers at the conference can be found in the links below. Not for the layman.
How to Do Macroeconomics: Lucas Models vs. Hayek Models
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Today 1:07 PM|Greg Ransom|Taking Hayek Seriously
In order to understand the nature of different macroeconomic models it is useful to make a distinction between top-down and bottom-up systems. In its most general definition a top-down system is one in which one or more
Continue reading Econ 301: Macroeconomics – Differences in Approach
