RealTime Economic Issues Watch | Some Big Changes in Macroeconomic Thinking from Lawrence Summers – Adam Posen – Peterson Institute for International Economics

White House portrait of Lawrence Summers.

White House portrait of Lawrence Summers. (Photo credit: Wikipedia)

Some of the world’s top economists put macroeconomics under the microscope. Adam Posen responds to a a lecture by Lawrence Summers. Here’s his introduction:

A lot of economists, myself included, have spoken about the need to fundamentally rethink major parts of macroeconomics following the global financial crisis.

Source: RealTime Economic Issues Watch | Some Big Changes in Macroeconomic Thinking from Lawrence Summers

This short article is highly readable. It gives us some clues as to which statistics are more reliable. We live in world where economists and politicians are frequently at loggerheads with mainstream media keen to gloss over the evidence.

Summers highlights the major global trend over the last few decades of substantial disemployment—or withdrawal from the workforce—of relatively unskilled workers.

Thoughts?

 

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