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
Societal Issues
To curb drug deaths, communities turn to Reddit, texts and wastewater
With drug overdose deaths on the rise, authorities are attempting to curb the epidemic by tracking and sharing information in real time. In one unique effort, a nonprofit in New York City is using drug-testing equipment and stamping or marking habits of dealers to identify drug batches that may endanger users. Other approaches are also being used, such as monitoring drug-related chatter on Reddit and analyzing local wastewater for opioid and other drug levels. With the combination of these efforts, researchers hope to put a dent in the opioid crisis and reduce overdose deaths. Read full article here
Merv
June 1, 2023
