Saturday, September 24, 2011

Everything that Bugs You about Macro

Straight steal from MR:

Larry Summers speaking at IMF/World Bank meeting:
The challenge is “finding the language that generates [the] alarm that drives action, but not the despair that proves self-fulfilling.” 
The WSJ continues: 
Attempting to sound reassuring, he said, “These are solvable problems.” His audience didn’t look reassured.
Great catch, but it tells you exactly what bugs you makes you so uncomfortable about macro, not so?  After a textbook (or a library) full of charts and graphs, we are left with the uncertain whims of the rude multitude, yes?  And as if to drive home the point, isn't this what bugged Keynes about Hicks? 

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