Suchergebnisse

This is the author's final draft of an article for which the publisher's official version is available from: http://dx.doi.org/10.1017/S1365100597002009 ; Macroeconomics is at a crossroads. The call of real science is drawing it forward to a degree that is without precedent in the history of the field. But the field's origins are related to the exceptional policy relevance of macroeconomics, and the field continues to be pressed for answers to difficult policy problems that sometimes are beyond the current capabilities of the field. Continuing tensions exist between policy demands and the constraints of systematic, rigorous scientific development. A commonly mentioned example is the increasing size of structural macroeconometric models. While highly regarded in many governments, those massive models are greeted with skepticism by the best economics journals.

There's a scene in Lewis Carroll's Through the Looking Glass in which the Red Queen, having just led a chase with Alice in which neither seems to have moved from the spot where they began, explains to the perplexed girl: "It takes all the running you can do, to keep in the same place." Evolutionary biologists have used this scene to illustrate the evolutionary arms race among competing species. William Barnett argues that a similar dynamic is at work when organizations compete, shaping how firms and industries evolve over time. Barnett examines the effects--and unforeseen perils--of competing