The Sad State of Macroeconomic Theory

Helge Brink

Chapter 2 in Themes in Modern Macroeconomics, 1992, pp 6-34 from Palgrave Macmillan

Abstract: Abstract In a recent textbook on macroeconomic theory (Blanchard and Fischer, 1989) one can read that ‘macroeconomics is at one of its most creative and productive stages, and we try to reflect that sense of excitement’ (p. 27). This audacious statement is true in so far as chaos is more exciting than order; it is certainly also true that a lot is being produced. Whether all this energy is being spent creatively — in the sense of providing steadily improving explanations of the real economic world — is, however, quite another question.

Keywords: Monetary Policy; Business Cycle; Rational Expectation; Perfect Foresight; Money Wage (search for similar items in EconPapers)
Date: 1992
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DOI: 10.1007/978-1-349-12511-1_2

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