Five Ways to Build a New Macroeconomics

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Macroeconomics deals with understanding how the economy as a whole works, but the way it’s currently being taught right now seems to be insufficient — even useless — to the questions being asked. As it stands, macroeconomics places more merit in abstract principles and models that often don’t align with how real-world economies work. One way J.W. Mason suggests we “fix” macroeconomic theory is by contextualising it in historical knowledge: “we need to see models as embedded in concrete [historical] stories,” not in theoretical scenarios. Read full article here

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