By Peter Temin and David Vines
Macroeconomists have been notably unhelpful in explaining and recommending policies since the global financial crisis of 2008.
How could this have happened?
Since John Maynard Keynes created macroeconomics in the 1930s, the field has grown to be half of all introductory courses in economics and has become well represented and respected among academic economic publications. Keynes was considered helpful in the “Golden Age of Economic Growth” after the Second World War, but he is largely ignored now that we have recreated conditions similar to the Great Depression in many countries. Read more