What Killed Macroeconomics?

Created
Tue, 16/11/2021 - 20:55
Updated
Tue, 16/11/2021 - 20:55

Mathematical refinement aside, economics is back to where it was a century ago: the study of the allocation of given resources, plus the quantity theory of money. Macroeconomics – the theory of output as a whole, which was invented by John Maynard Keynes – has virtually disappeared, despite the revival of key tools when crises erupt.