Tag: Macroeconomics

Osborne’s surplus rule and citizen economics

There is much that is troubling about George Osborne’s proposal to oblige future governments to run a budget surplus in normal times. There is the small matter of identifying “normal” times. It implies something important about how one is thinking about the macreconomy. What does “normal” look like? […]

Resuscitating Greek myths

Nick Clegg has a rather extraordinary post at the Telegraph today. The second half of the post is pretty standard: the Libdems are less spendthrift than Labour and less ideologically anti-state than the Conservatives. Split the difference and aim for the sensible centre. But in order to grab […]

Not us, guv

Academic economists are smart people. In my experience, a few are rather too self-consciously smart. And one or two adopt the characteristic economist persona – perpetual patronisation of, and impatience with, those unfortunate souls working in the lesser social sciences – without obviously having the track record to […]

The intolerance of uneconomic economics

Over the last couple of days two of the big beasts of the economics blogosphere have offered views on a question of considerable significance for the field of macroeconomics. On Friday Simon Wren-Lewis discussed whether New Keynesians made a Faustian pact when they decided to engage new classical […]

Filling in the b(l)anks

A couple of weeks ago Martin Wolf blogged on the way in which modern macroeconomics has neglected the explicit and integrated treatment of the financial sector. The consequences of this omission have turned out to be of enormous practical significance. It left analysis mostly blind to a range […]

Help to Buy and the death of Keynesianism

When I first studied macroeconomics the Stagflation era of the 1970s and the death of Keynesianism were still being quite hotly debated. They were still contemporary events. Well, they were contemporary events in the way that the election of Tony Blair is a contemporary event for us today […]

Interpreting Osborne

The more I think about economic policy the more I think that there isn’t a big enough dose of interpretivism applied to it. This thought recurred yesterday reading George Osborne’s set piece speech in which he, as Isabel Hardman of the Spectator put it, “trashed” Plan B. I […]