FORCED DISCONTINUITIES IN ECONOMY
Recession has arrived home and we do not have any model to explain it yet. Clearly, all models have failed, starting with the simpler ones, those so useful to teach at universities. Moreover, there is neither vision nor understanding of the overall picture which recession is bringing to surface. And so, patches are being laid on top of other patches, just trying to avoid the wreckage with a pathetic note of desperation and anxiety. Sigue leyendo
Nowadays, it seems that everything is under the rule of macroeconomics: Politicians, media, businesses… And recession has only invigorated this trend. There is general consensus of their unavoidable responsibility on this recession and its sequels, even although most senior economists remain in their seats, with the only exception of a few bank executives. The question arises: is this of any good?