New Directions in Macroeconomics

International Econometric Review, Volume 12, Issue 1, 2020, 1 - 23

24 Pages Posted: 22 Oct 2020 Last revised: 23 Jan 2024

See all articles by Asad Zaman

Asad Zaman

Al-Nafi; Akhuwat University

Sidika Basci

ESTIM Forecasting Center

Date Written: July 24, 2020

Abstract

The glaring failure of modern macroeconomics to predict the Global Financial Crisis, and to provide remedies for the Great Recession which followed, has led to renewed interest in alternative approaches to Macroeconomics. There is huge amount of ongoing work aimed at creating a Macroeconomics for the 21st Century. The task is of the highest priority, as failures of economic theory have led to misery for millions. Wrong measures of GDP, and cost-benefit calculation which fail to account for environmental costs, and prioritize private profits over social welfare, have created a climate catastrophe which threatens to destroy the planet. In accordance with the importance of this task, we are expanding the scope of this journal, to cover all new approaches to economics, which fall outside of the boxes of conventional macro, micro, and econometrics of the 20th Century. This article outlines seven broad categories of research directions, and four different methodological principles which fall outside the boundaries of the conventional approach, and offer promise for building a Macroeconomics for the 21st Century. We hope to invite contributions in these areas for future issues.

Keywords: Political Economy, Complexity Economics, Ecological Economics, Post-Keynesian Economics, Islamic Economics

JEL Classification: B41, B50

Suggested Citation

Zaman, Asad and Basci, Sidika, New Directions in Macroeconomics (July 24, 2020). International Econometric Review, Volume 12, Issue 1, 2020, 1 - 23 , Available at SSRN: https://ssrn.com/abstract=3660076 or http://dx.doi.org/10.2139/ssrn.3660076

Asad Zaman (Contact Author)

Al-Nafi ( email )

64 Fullerton Crecent
Markham, Ontario L35 3G5
Canada

Akhuwat University ( email )

Lalyani
Ferozepur Road
Kasur, Punjab 55110
Pakistan
55110 (Fax)

HOME PAGE: http://azprojects.wordpress.com

Sidika Basci

ESTIM Forecasting Center ( email )

Sairler sok. 32/C
Gaziosmanpasa 06700
Turkey

Do you have negative results from your research you’d like to share?

Paper statistics

Downloads
166
Abstract Views
726
Rank
324,242
PlumX Metrics