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Rathin Roy: Need for simple macro-framework

Rathin Roy 

Rathin Roy

Economist Paul Krugman points to an interesting conundrum in the economics profession in a recent post. Young economists are encouraged to enter the theoretically seductive world of sophisticated macroeconomic theory to explain both aggregate demand and supply by postulating the microeconomic behaviour of agents and then making use of freely available data and cheap computing power to validate their postulations.

Mr Krugman points out that these initiatives have not yielded much payback if one is looking for operational models of the macroeconomy. For example, the current favourite - ...

First Published: Thu, September 01 2016. 21:48 IST

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