{"id":7500,"date":"2013-04-19T17:59:35","date_gmt":"2013-04-19T21:59:35","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=7500"},"modified":"2013-04-19T17:59:35","modified_gmt":"2013-04-19T21:59:35","slug":"why-macroeconomics-doesnt-work-very-well-business-insider-australia","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2013\/04\/19\/why-macroeconomics-doesnt-work-very-well-business-insider-australia\/","title":{"rendered":"Why Macroeconomics Doesn\u2019t Work Very Well | Business Insider Australia"},"content":{"rendered":"<p>Noah Smith&#8217;s conclusion sums up the state of macroeconomics:<\/p>\n<blockquote>\n<p>After the financial crisis, a bunch of people realised how little macroeconomists do know. I think people are now slowly realising just how little macroeconomists can know. There is a difference.<\/p>\n<\/blockquote>\n<p>Read more at <a href='http:\/\/au.businessinsider.com\/why-macroeconomics-doesnt-work-well-2013-4'>Why Macroeconomics Doesn\u2019t Work Very Well | Business Insider Australia<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Noah Smith&#8217;s conclusion sums up the state of macroeconomics: After the financial crisis, a bunch of people realised how little macroeconomists do know. I think people are now slowly realising just how little macroeconomists can know. There is a difference. Read more at Why Macroeconomics Doesn\u2019t Work Very Well | Business Insider Australia.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[49],"tags":[2187],"class_list":["post-7500","post","type-post","status-publish","format-standard","hentry","category-economic-theory","tag-macroeconomics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why Macroeconomics Doesn\u2019t Work Very Well | Business Insider Australia - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Macroeconomics Doesn\u2019t Work Very Well | Business Insider Australia - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Noah Smith&#8217;s conclusion sums up the state of macroeconomics: After the financial crisis, a bunch of people realised how little macroeconomists do know. I think people are now slowly realising just how little macroeconomists can know. There is a difference. 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Two veteran Budget forecasting groups, Deloitte Access Economics and Macroeconomics, have in recent days delivered their verdict on Mr Swan's mid-year Budget update: It's codswallop. The Federal\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5623,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/01\/steve-keen-on-post-keynesian-macroeconomics\/","url_meta":{"origin":7500,"position":1},"title":"Steve Keen on Post-Keynesian Macroeconomics","author":"Colin Twiggs","date":"October 1, 2012","format":false,"excerpt":"Prof Steve Keen's presentation to the UMKC Post Keynesian conference in 2012. http:\/\/youtu.be\/UzxQcTOs4JA Paul Krugman would argue that Income = Aggregate Demand when the economy is in equilibrium. Steve Keen shows that the economy is not in equilibrium when aggregate debt is rising or falling: Income = Aggregate Demand +\u2026","rel":"","context":"In &quot;Debt Levels&quot;","block_context":{"text":"Debt Levels","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/debt-levels\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/img.youtube.com\/vi\/UzxQcTOs4JA\/0.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":5923,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/30\/whats-the-use-of-economics-alan-kirman-vox\/","url_meta":{"origin":7500,"position":2},"title":"What\u2019s the use of economics? &#124; Alan Kirman &#124; vox","author":"Colin Twiggs","date":"October 30, 2012","format":false,"excerpt":"This column by Alan Kirman highlights the problem with macroeconomics today: The simple question that was raised during a recent conference organised by Diane Coyle at the Bank of England was to what extent has - or should - the teaching of economics be modified in the light of the\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2429,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/28\/canberra-is-fighting-the-last-war-macrobusiness-com-au-macrobusiness-com-au\/","url_meta":{"origin":7500,"position":3},"title":"Canberra is fighting the last war &#8211; macrobusiness.com.au","author":"ColinTwiggs","date":"November 28, 2011","format":false,"excerpt":"As we know, the Western world has passed an historic moment when credit driven growth is no longer viable. We are in the early years of a decades long deleveraging. And, as we know from the sectoral balances of macroeconomics, an economy can only grow through the expansion of the\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12824,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/01\/25\/pboc-hits-impossible-trinity-brick-wall-macrobusiness\/","url_meta":{"origin":7500,"position":4},"title":"PBOC hits impossible trinity brick wall &#8211; MacroBusiness","author":"ColinTwiggs","date":"January 25, 2016","format":false,"excerpt":"From David Llewellyn-Smith: ....China is up against the \u201cimpossible trinity\u201d here, that a country cannot control floating interest rates, the currency and capital flows all at once. Like its ad hoc capital controls, I expect that liquidity injections will prove inadequate after a while and the PBOC will be forced\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":563,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/08\/31\/when-debt-levels-turn-cancerous-telegraph-blogs\/","url_meta":{"origin":7500,"position":5},"title":"When debt levels turn cancerous \u2013 Telegraph Blogs","author":"ColinTwiggs","date":"August 31, 2011","format":false,"excerpt":"The professoriat has been a little too cavalier in arguing that debt does not really matter for the world as a whole because we all owe it to ourselves. Debtors are offset by creditors (not always from friendly countries). Common sense suggest that this academic solipsism is preposterous, and so\u2026","rel":"","context":"In &quot;Debt Levels&quot;","block_context":{"text":"Debt Levels","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/debt-levels\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/7500","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=7500"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/7500\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=7500"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=7500"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=7500"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}