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...

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Bibliographic Details
Main Author:	Monga, Celestin
Format:	Policy Research Working Paper
Language:	English
Published:	2012
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 http://hdl.handle.net/10986/4178

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Summary:	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.

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

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