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I think it was Tim Harford (possibly quoting someone else) who said "Microeconomics is everything we think we understand, macroeconomics is everything we don't"
by noneeeed 7y ago
I think it was Tim Harford (possibly quoting someone else) who said "Microeconomics is everything we think we understand, macroeconomics is everything we don't".
My problem with macro-economics/economists is that so many of them seem so convinced aboout their own models and beliefs, or at least the conversation is dominated by those who are. It doesn't matter which view you have, there will be promonant economists who are convinced that it is the 'one true way" and the alternatives are bunk. Government policy then seems to swing depending on who is being listented to at the time.
I wouldn't mind macro-economists so much if they would just admit that a lot of thier views on the economy are largely faith, backed by cherry-picked data.