Summary of The Trouble With Macroeconomics

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President Harry S. Truman once famously quipped, “Give me a one-handed economist. All my economists say ‘on the one hand…on the other’.” His pithy statement remains true today. Professor Paul Romer adds to the criticism heaped onto the discipline of macroeconomics in this illuminating paper, in which he contends that the field has become a regressive branch of knowledge – more punditry than science. getAbstract recommends this provocative, name-naming, esoteric report to policy officials and experts interested in an insider’s critique of his fellow economists.

In this summary, you will learn

  • Why economist Paul Romer says that the field of economics is moving away from science,
  • What the prospects are for the discipline in this environment and
  • How practitioners can return economics to its foundations.
 

About the Author

Paul Romer is a professor at New York University’s Stern School of Business and director of the Marron Institute of Urban Management.

 

Summary

Some macroeconomists question the efficacy of monetary policy, instead favoring modern economic models that “now use incredible identifying assumptions to reach bewildering conclusions.” However, the objective evidence indicates that monetary policy does indeed have an impact. For instance, during Federal...

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