What can civil society expect from academic macroeconomics?
(2013) , 20 pages
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- Abstract
- Academic macroeconomics as it has been practiced for the last three decades has a bad reputation, especially after the onset of the 2008 recession. The aim of this paper is to reflect on this state of affairs. To begin, I draw a comparison between Keynesian and Lucasian macroeconomics, bringing to light that they are based on different tenets. Next, I claim that because of its higher internal consistency, Lucasian macroeconomics is superior to Keynesian. However, I also claim that espousing it bears a heavy price — in particular a limited usefulness for policymaking and an inability to come to grips with economic crises.
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De Vroey, M. (2013). What can civil society expect from academic macroeconomics? (IRES Discussion Papers 2013022). https://hdl.handle.net/2078.5/202108