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Rethinking Macroeconomics in Light of the Great Crisis

In: Modern Financial Crises

Author

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  • Victor A. Beker

    (University of Belgrano and University of Buenos Aires)

Abstract

The recent financial crisis showed that mainstream economics was unprepared to deal with it. There was a widespread belief in the self-correcting power of markets. Most economists not only did not foresee the depth of the current crisis, they did not even consider it possible. The crisis has damaged the reputation of economics, particularly of macroeconomics. This chapter reminds readers of the origin of macroeconomics as a branch of economics. A claim is made to reevaluate Keynes’ original contribution to economic analysis and return to Keynes’ thoughts, which have been ignored or misstated during the past 40 years. The chapter concludes pointing out the need to rebuild macroeconomics as a discipline in which aggregate quantities play an essential role, while prices have only second-order effects.

Suggested Citation

  • Victor A. Beker, 2016. "Rethinking Macroeconomics in Light of the Great Crisis," Financial and Monetary Policy Studies, in: Modern Financial Crises, edition 127, chapter 0, pages 201-219, Springer.
    • Handle: RePEc:spr:fimchp:978-3-319-20991-3_10
    DOI: 10.1007/978-3-319-20991-3_10
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