Rethinking Macroeconomics

9 Pages Posted: 30 Jan 2013

See all articles by Jeffrey D. Sachs

Jeffrey D. Sachs

Columbia University - Columbia Earth Institute; National Bureau of Economic Research (NBER)

Abstract

The crash of 2008 exposed deep failures at the core of macroeconomic policymaking and macroeconomic thinking in the United States. The crisis's rapid spread from its epicenter on Wall Street to nearly the entire world underscored the interconnectedness of the global economy. The American purveyors of the ancien régime hope that a few superficial fixes will get us back on our way. This is not to be. Sustained and widespread future prosperity will require basic reforms in global macroeconomic governance and in macroeconomic science. Such reforms are never easy, as they require new ways of thinking. Yet business as usual could prove calamitous. This essay describes the reform path.

Suggested Citation

Sachs, Jeffrey D., Rethinking Macroeconomics. Capitalism and Society, Vol. 4, Issue 3, Article 3, 2009, Available at SSRN: https://ssrn.com/abstract=2209442

Jeffrey D. Sachs (Contact Author)

Columbia University - Columbia Earth Institute ( email )

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National Bureau of Economic Research (NBER)

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