The Four Basic Truths of Macroeconomics by
Tyler Cowen
https://www.bloomberg.com/opinion/articles/2021-02-21/the-four-truths-of-macroeconomics-plus-one-debatable-point
https://www.bloomberg.com/opinion/articles/2021-02-21/the-four-truths-of-macroeconomics-plus-one-debatable-point
Related:
Post-Crisis Lessons for Macroeconomists
Noah Smith notes:
“If macroeconomists heed Blanchard and Summers’ advice, they will have to do harder math, and they will find better data to test their models. But their challenges won’t end there. If the economy can linger in a good or bad state for a long time, it’s almost certainly a chaotic system. Researchers have known for decades that unstable economies are very hard to work with or predict. In the past, economists have simply ignored this unsettling possibility and chosen to focus on models with only one possible long-term outcome. But if Blanchard and Summers are any indication, the Great Recession might mean that’s no longer an option.”
Blanchard and Summers on the future of Macroeconomics:
Why is macroeconomics so hard to teach?
https://www.economist.com/finance-and-economics/2018/08/09/why-is-macroeconomics-so-hard-to-teach
https://www.economist.com/finance-and-economics/2018/08/09/why-is-macroeconomics-so-hard-to-teach