Macro
Are you perplexed about the U.S. economy? We overspent and our economy fell into a recession, yet our federal government and central bank must spend trillions to keep us spending. Then, one day, supposedly, we will be rectified from our profligate ways and set on a right path of consumption.
Do you secretly like the recession, but you are afraid to admit it? When you read the newspapers, do you assume there is some strong science behind our economic policy and rhetoric?
There is no science! Macroeconomics is defunct! The future prosperity of our society depends not on macro forces, but on micro forces, which are altogether impossible to categorize and predict. All the macro talk — the lowering of “interest rates,” the stimulating of aggregate “consumption,” the “unfreezing” of markets, etc., etc., etc. – is nonsense. In twenty years, people will look back and laugh at the desperate policies and ridiculous banter of macro.
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What is the Medium Term in macroeconomics?
Is the economy incapable of stabilizing itself?
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Did economists predict the recession of 2008?
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Is there a consensus in macroeconomic thinking?
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Are the Chinese with us on macro policy?