Wednesday, July 22, 2009

The need for new Macro

There is a vast consensus around the need for the -rapid- improvement of macroeconomics. It certainly can not be neglected. Although the path of the Animal Spirits may have a number of weaknesses, it argues boldly for reforming the way macro is done can not wait anymore. De Grauwe writes an interesting opinion about the latter.

Maybe the need for understanding the so called Herd Economics can help in completing macro models that fail to model the financial market as an imperfect market. The current macro profession crisis will also prove valuable for those in search of a thesis.

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