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New Classical Macroeconomics Is Superstition
By Robert Skidelsky, August 5 2009
It was to be expected that our present economic traumas would call into question the state of economics. “Why did no one see the crisis coming?”, Queen Elizabeth reportedly asked one practitioner. A seminar at the British Academy tried to answer and the FT has taken up the discussion.
The Queen’s [...]
Mainstream Macroeconomics Is Junk
By Paul De Grauwe, July 21 2009
How to resolve this crisis in macroeconomics? The field must be revamped fundamentally. Some of its shortcomings are obvious. Before the financial crisis, most macroeconomists were blinded by the idea that efficient markets would take care of themselves. They did not bother to put financial markets and the banking [...]