What Killed Macroeconomics?

Nov 16, 2021 Robert Skidelsky

Mathematical refinement aside, economics is back to where it was a century ago: the study of the allocation of given resources, plus the quantity theory of money. Macroeconomics – the theory of output as a whole, which was invented by John Maynard Keynes – has virtually disappeared, despite the revival of key tools when crises erupt.

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