Rethinking macroeconomics

In January 2018, a group of economists convened by Oxford published their reply to Queen Elizabeth’s question of why nobody in the profession saw the 2008 crisis coming. Free Lunch examined the “Rebuilding macroeconomic theory” project, assessing the recommendations on how macroeconomic theory should evolve to do a better job.

You can read the whole series below, as well as other articles by Martin Sandbu on this subject.

The deepest effort to date to account for how economics failed us in the crisis

Problems can be traced back to two intellectual revolutions  

Bad macro is the consequence of bad micro

Make it more expansive and liberal, but keep it unified  

The profession is adrift, but it is a constructive sort of drift

Top economists need to dig deeper after policy failures of past decade