Why Economics is Failing

“Macroeconomics has not done well in recent years…” writes Nobel Laureate Joseph E. Stiglitz, “The standard models didn’t predict the Great Recession; and even said it couldn’t happen. After the bubble burst, the models did not predict the full consequences.”  In a hugely relevant recent paper titled “Reconstructing Macroeconomic Theory to Manage Economic Policy,” he explores how modern macro and microeconomic theories simply aren’t appropriate for our world today. As Stiglitz notes, the loss in…

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