Macroeconomic Theory

    Governments turn to macroeconomic theory to help shape policies to manage instability. Current theories do not adequately support our policy needs. Credit markets, income, and employment are all inherently unstable. We need better theory to help us design better institutions and better policies.

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    Making Sense of Globalization in the 21st Century

    In a complex world, we’ll experience more “black swans”, and the things that standard economic models assumed away will matter much more. Simplistic concepts can no longer be used to explain the interaction of human beings in a much more complex world. Watch the video

    What Mainstream Economists Get Wrong About Secular Stagnation

    Forget the myth of a savings glut causing near-zero interest rates. We have a shortage of aggregate demand, and only public spending and raising wages will change that. Read more