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I Think I Am A Macroeconomics Denier

Posted by on | September 27, 2017 | Comments Off

Microeconomics generally provides a powerful set of tools that have proven useful and successful predictors of how things work in the world.  But I am not sure I trust anything at all from macroeconomics.  Sure, I am fine with work about what contributes to or hinders wealth creation over long time periods — Ricardo and Adam Smith and Julian Simon and Deirdre McCloskey and that sort of work.  But I am not sure macro is capable of any useful predictions on the 5-20 year scale.  Perhaps it is like climate and trying to isolate output effects of changing one input when millions of other variables are changing is simply impossible for us at this time.  Perhaps the stakes of macro, since it drives major public policy and government spending and regulator decisions, are simply too high for objective work.  I don’t know, but I don’t trust any of it.  Particularly when so many of the current recommendations for increasing near-term prosperity contradict what we know to have driven long-term prosperity.

 I Think I Am A Macroeconomics Denier  I Think I Am A Macroeconomics Denier  I Think I Am A Macroeconomics Denier

 I Think I Am A Macroeconomics Denier

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