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9 - Conclusion: Is (Macro)economics Useful?

Published online by Cambridge University Press:  28 March 2024

Jeremy B. Rudd
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Summary

The inability of mainstream macroeconomic analysis to sensibly answer important practical questions is reviewed. The problem is discussed in terms of the incentives that mainstream academic economists face regarding career advancement, and the resulting (and increasingly negative) effect on economic analysis in policy institutions is documented. The social role of economics is considered, and a code of conduct for policy analysts is proposed.

Keywords

economics in societyresponsible policy advice
Type
Chapter
Information
A Practical Guide to Macroeconomics , pp. 227 - 238
Publisher: Cambridge University Press
Print publication year: 2024

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