Andy Haldane, the chief economist for the Bank of England, has been very critical of the current state of macroeconomics. In his 2016 speech titled “The Dappled World,” Haldane argued that the unexpected global downturn that began in late 2007 has left behind “a crisis in the economics and finance profession.” The reasoning behind Haldane’s belief that it poses a deep intellectual crisis for macroeconomics is that the field of macroeconomics, as it has developed since the work of John Maynard Keynes in the 1930s, was to prevent just the sort of severe downturn that started in 2007 called as “The Great Recession.”
According to Haldane, macroeconomics was developed with a specific, real-world purpose, and a negative purpose to boot: to ...
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