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Macroeconomic models are invaluable. They enable us to reduce complicated phenomena to manageable proportions and reason systematically. If you doubt this, try thinking through the impact of a change in monetary or fiscal policy without referring in your head to some sort of model – eg an ISLM, AD/AS, or IS/PC/MR model. For me, at […]

In part, therefore, my purpose today is to consider a piece of intellectual history: the strange amnesia of modern macroeconomics. But also to reach some conclusions about the policies needed to avoid a repeat of the 2008 crisis and to secure greater financial stability, in the advanced economies but also in the developing world. Adair […]

In response to widespread discontent among students, employers and university teachers, a project to create a new core curriculum for economics was launched at a seminar hosted by HM Treasury today. The Core Economics website curriculum project, funded by the Institute for New Economic Thinking, convened the meeting, which was attended by academics, policymakers, business leaders and […]