I May Have Been Wrong About Macroeconomics
When I was an undergraduate studying macroeconomics, I came to the conclusion that it was pretty much total bullshit. Because I was in a co-terminal masters program, I was also studying graduate level decision theory, game theory, microeconomics, behavioral economics, and dynamic systems. In comparison, it seemed clear to me that macroeconomics was not a coherent study of a complex system.
Lately, Arnold Kling’s blog posts have been reinforcing this belief. However, we may both be wrong. Arnold studied and practiced macroeconomics in the late 1970s. Given the delay in propagating knowledge to the undergraduate level, that’s probably also what was taught in my late 1980s undergraduate textbook. However, Will Ambrosini observes that Arnold’s views are outdated and this is a problem with non-macro economists in general. He points to this essay and I find myself convinced that modern macroeconomics is a coherent study of a complex system.
I thought this might provide you some measure of comfort. If anyone wants me to summarize the particulars of why I changed my mind, let me know.