What’s Right With Macroeconomics?

by Solow, Robert M.; Touffut, Jean-Philippe; Carlin, Wendy (CON); Chatelain, Jean-Bernard (CDR); Corsetti, Giancarlo (CON)

• ISBN13: 9781781007440
• ISBN10: 1781007446
• Format: Paperback
• Copyright: 2013-02-13
• Publisher: Edward Elgar Pub

Summary

Global crises are very rare events. After the Great Depression and the Great Stagflation, new macroeconomic paradigms associated with a new policy regime emerged. This book addresses how some macroeconomic ideas have failed, and examines which theories researchers should preserve and develop. It questions how the field of economics Ð still reeling from the global financial crisis initiated in the summer of 2007 Ð will respond. The contributors, nine highly-renowned macroeconomists, highlight the virtues of eclectic macroeconomics over an authoritarian normative approach, and illustrate that macroeconomic reasoning can still be a useful tool for carrying out practical policy analysis. As for emerging research programmes, their wide-ranging chapters remind us that there are positive approaches to and reasons to believe in old-fashioned macroeconomics. This challenging and thought-provoking book will prove a stimulating read for researchers, academics and students of economics, as well as for professional economists.