Post-Macroeconomics : Reflections on the Crisis and Strategic Directions Ahead

For decades, many researchers argued that economics had nothing to fear from enriching itself with lessons and advances from other disciplines. Unfortunately, these suggestions were either neglected or dismissed upfront in what was then arbitrarily considered mainstream economics. The global crisis has led even Nobel Prize winners to acknowledge that the problem facing economists and policy makers today is mostly intellectual - it is the need to confront the systematic failure of thinking, especially on the part of macroeconomists. Despite its unprecedented magnitude and heavy financial, human, and intellectual cost, the crisis certainly does not invalidate everything that has been learned about macroeconomics. However, the costs highlight some of mistakes of the dominant intellectual macroeconomic framework. Post-macroeconomics should not be understood as another metanarrative of the end of metanarratives. The use of the prefix post here suggests and emphasizes much more than temporal posterity. Post-macroeconomics should follow from macroeconomics more than it follows after macroeconomics. The theorizing of post-macroeconomics is therefore neither systematically oppositional nor hegemonic. It does not advocate a - dialectic opposition - between macroeconomics and post-macroeconomics. Rather, it suggests that the latter builds on the former and goes beyond it.

Bibliographic Details

Main Author:	Monga, Celestin
Language:	English
Published:	2009-07-01
Subjects:	ACCOUNTING, AGGREGATE DEMAND, AMOUNT OF CAPITAL, ASSET PRICE, ASSET-BACKED SECURITIES, ASSETS, BALANCE OF PAYMENTS, BALANCE SHEET, BALANCE SHEETS, BANKING SUPERVISION, BANKING SYSTEM, BANKRUPTCIES, BANKRUPTCY, BID, BOND, BOND OBLIGATION, BONDS, BORROWER, BORROWING CAPACITY, BORROWING COSTS, BROKER, BUDGET DEFICITS, BUSINESS CYCLE, BUSINESS CYCLES, CAPITAL FLOWS, CAPTIVE MARKETS, CENTRAL BANK, CENTRAL BANKS, CLASSICAL ECONOMISTS, COMMERCIAL BANK, COMMERCIAL LOANS, COMPARATIVE ADVANTAGE, COMPETITIVE MARKETS, CONSUMERS, CREDIBILITY, CREDIT CARD, CREDIT INSTITUTIONS, CREDIT RISK, CREDIT SYSTEMS, CREDITWORTHINESS, CURRENT ACCOUNT DEFICITS, DEBT, DEBT BURDEN, DEBT REDUCTIONS, DEBTS, DEFLATION, DEPOSIT, DERIVATIVE, DERIVATIVE SECURITY, DEVELOPING COUNTRIES, DEVELOPMENT ASSISTANCE, DEVELOPMENT ECONOMICS, DEVELOPMENT PROCESSES, DIMINISHING RETURNS, ECONOMIC HISTORIANS, ECONOMIC HISTORY, ECONOMIC MODELS, ECONOMIC POLICIES, ECONOMIC SYSTEMS, ECONOMIC THEORY, ECONOMIC THOUGHT, ECONOMIES OF SCALE, ECONOMISTS, EQUILIBRIUM THEORY, EQUIPMENT, EXCESS LIQUIDITY, EXCHANGE RATES, EXPECTED RETURNS, EXPENDITURE, EXPENDITURES, EXPORTS, FEDERAL RESERVE, FEDERAL RESERVE BANK, FINANCIAL ASSETS, FINANCIAL CONTAGION, FINANCIAL CRISIS, FINANCIAL INSTITUTIONS, FINANCIAL INSTRUMENTS, FINANCIAL MARKET, FINANCIAL MARKETS, FINANCIAL RISKS, FINANCIAL SYSTEMS, FISCAL POLICY, FOREIGN DEBT, FOREIGN EXCHANGE, FOREIGN INVESTMENT, FREE MARKET ECONOMY, FULL EMPLOYMENT, FUNDS FLOW, GDP, GDP PER CAPITA, GLOBALIZATION, GOVERNMENT INTERVENTION, GOVERNMENT REVENUE, GROWTH POTENTIAL, GROWTH RATE, GROWTH THEORY, HEDGE FUND, HEDGE FUNDS, HOLDING, HOUSEHOLD WEALTH, HUMAN CAPITAL, IMPERFECT COMPETITION, INCOME, INCOME GROWTH, INFLATION, INFLATION RATE, INFLATION RATES, INFLATIONARY PRESSURES, INSTITUTIONAL CREDIT, INSTITUTIONAL INVESTORS, INSTRUMENT, INSURANCE, INSURANCE COMPANIES, INTEREST RATE, INTEREST RATES, INTERNATIONAL BANK, INTERNATIONAL BANKING, INTERNATIONAL FINANCIAL MARKETS, INTERNATIONAL FINANCIAL SYSTEM, INTERNATIONAL MARKETS, INTERNATIONAL TRADE, INVESTING, INVESTMENT HORIZON, INVESTMENT OPPORTUNITIES, INVESTMENT VEHICLE, ISSUANCE, KEYNESIAN ECONOMICS, KEYNESIAN ECONOMISTS, KEYNESIAN THEORY, LABOR MARKET, LENDERS, LEVEL OF RISK, LINES OF CREDIT, LIQUID ASSETS, LIQUIDITY, LOAN, LOAN OBLIGATION, LOAN PORTFOLIOS, LONG TERM CAPITAL, LONG-TERM COSTS, LOW INTEREST RATES, MACROECONOMIC ANALYSES, MACROECONOMIC MANAGEMENT, MACROECONOMIC MODELS, MACROECONOMIC PERFORMANCE, MACROECONOMIC POLICIES, MACROECONOMIC POLICY, MACROECONOMIC STABILITY, MACROECONOMICS, MARGINAL PRODUCTIVITY, MARKET DISCIPLINE, MARKET ECONOMIES, MARKET FAILURES, MATHEMATICAL MODELS, MONETARY AUTHORITIES, MONETARY POLICIES, MONETARY POLICY, MONEY SUPPLY, MORTGAGE, MORTGAGE LOANS, MORTGAGES, MULTIPLIERS, MUTUAL FUNDS, NATIONAL INCOME, NATURAL RESOURCES, OPEN ECONOMIES, OPTIMIZATION, PARETO OPTIMUM, PENSION, POLITICAL ECONOMY, PORTFOLIO, PORTFOLIOS, PRICE CONTROLS, PRICE INCREASES, PRICE LEVELS, PRICE RISK, PRICE STABILITY, PRIME RATE, PRIVATE CAPITAL, PRIVATE RATING AGENCIES, PRODUCTION FUNCTION, PRODUCTION FUNCTIONS, PRODUCTIVITY, PROFIT MARGIN, PROPERTY RIGHTS, PROTECTIONISM, PRUDENTIAL REGULATION, PUBLIC INVESTMENT, PURCHASING POWER, RATE OF RETURN, RECESSION, REINVESTMENT, REMITTANCES, RESERVES, RETURN, RISK OF DEFAULT, SECONDARY MARKETS, SECURITIES, SHORT-TERM INTEREST RATES, STATISTICAL ANALYSIS, STATISTICAL DATA, STICKY PRICES, STOCK EXCHANGE, STOCK MARKETS, STOCK PRICES, TAX, TAX REVENUES, TOTAL FACTOR PRODUCTIVITY, TOTAL FACTOR PRODUCTIVITY GROWTH, TRADE NEGOTIATIONS, TRADE POLICIES, TRADE UNIONS, TRADING, TRANSACTION, TRANSPARENCY, TREASURY, TREASURY BILLS, UNDERLYING ASSETS, UNEMPLOYMENT, UNEMPLOYMENT RATE, UTILITY MAXIMIZATION, VARIABLE INTEREST RATES, VULTURE FUNDS, WAGES, WEALTH,
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20090702090224 https://hdl.handle.net/10986/4178
Tags:	Add Tag No Tags, Be the first to tag this record!