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The Sad State of Macroeconomic Theory

In: Themes in Modern Macroeconomics

Author

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  • Helge Brink

Abstract

In a recent textbook on macroeconomic theory (Blanchard and Fischer, 1989) one can read that ‘macroeconomics is at one of its most creative and productive stages, and we try to reflect that sense of excitement’ (p. 27). This audacious statement is true in so far as chaos is more exciting than order; it is certainly also true that a lot is being produced. Whether all this energy is being spent creatively — in the sense of providing steadily improving explanations of the real economic world — is, however, quite another question.

Suggested Citation

  • Helge Brink, 1992. "The Sad State of Macroeconomic Theory," Palgrave Macmillan Books, in: Helge Brink (ed.), Themes in Modern Macroeconomics, chapter 2, pages 6-34, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-12511-1_2
    DOI: 10.1007/978-1-349-12511-1_2
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