"The world probably would have been much better off had macroeconomics never been devised. Although I have in mind Keynesian macroeconomics above all, I include other types of macro models as well. I even include, somewhat reluctantly, the whole quantity theory approach descended from David Hume to the Friedmanites, now known as monetarism. … In short, among its many other deficiencies, as spelled out by Mises and his followers, monetarism’s most fundamental flaw is identical to the most fundamental flaw of Keynesian, Post-Keynesian, New Classical, and other theories advanced by macroeconomists during the past seventy or eighty years: not only does the theory leave out critical variables, but it is too simple, being expressed in huge, all-encompassing aggregates that conceal the real economic action taking place within the economic order."
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Academics from the United StatesPhilosophers from the United StatesHistorians from the United StatesEconomists from the United StatesAustrian School economists
Original Language: English
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Sources
"Is Macroeconomics Really Economics?," The Beacon (Independent Institute, 14 August 2014).
https://en.wikiquote.org/wiki/Robert_Higgs
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Robert Higgs
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