http://www.nytimes.com/1988/07/23/business/fresh-water-economists-gain.html
While reading this article , I was remembering the East Coast–West Coast hip hop rivalry which resonated at some level with the cotemporary different schools of thoughts of Economists pointed out in this article.
By far the biggest difference between the 2 school of thoughts is the explanation of recessions and associated issues like persistence of recessions.
The equilibrium model from the freshwater economists advocate that economy is self stabilizing and will return to equilibrium in its due course and that there is inherently no need of any policy interventions to achieve full employment
The general malaise around economic conditions cannot be quantified by the hypothesis of equilibrium model and we have to be mindful that any economic model needs calibration and fine tuning
