Yet again, mainstream economics is trying to rethink its effectiveness as an objective scientific analysis of the laws of motion of major economies. Ever since the mainstream failed to foresee the global financial crash, come up with a convincing explanation for what happened and adopt policies that could get the capitalist economy out of the subsequent long depression of growth and investment, the mainstream has been stymied.
I covered various attempts to rethink in posts on this blog by: Dani Rodrik, Paul Romer, Robert Skidelsky and more recently by John Quiggin. I have also covered the attempts of more heterodox economics to critique mainstream failures.
Now we have yet another bout of navel gazing. The latest issue of the Oxford Review of Economic Policy is devoted to ‘Rebuilding macroeconomic theory’ (all the articles are free to view until February 7). And Martin Sandbu in the UK’s Financial…
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