Writes Jamus Lim at the World Bank Blog:
"One of the interesting byproducts of the global financial crisis has been the induced crisis in the economics profession. More precisely, there has been a minor intellectual crisis in macroeconomic thought, with an erosion of what had been previously believed to have been a new synthesis in macroeconomics. This consensus was perhaps best exemplified by Olivier Blanchard's ill-timed state of macro paper that (in)famously declared that the "state of macro is good." Since then, economists have decried how state-of-the-art monetary theory is useless, real business cycle models are simply silly, and that financial models are often theoretical flights of fancy (Mark Thoma links to many more contributions than you could possibly want or imagine).
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Comment: By trying to become ever more "scientific", by using ever more math, by ignorantly denouncing Austrian economics, this is the state modern so-called "mainstream" (aka fake) macroeconomics now is in.
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