3min chapter

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The Moral Causes And Consequences Of Economic Growth — Benjamin M. Friedman

The Joe Walker Podcast

CHAPTER

The Death of Macroeconomics

A major part of macroeconomics within the last generation has been a view of the world characterized by frictionless markets, perfect information and complete rationality. "I think every one of those characteristics that I just indicated is wrong," he says. The idea that all of the individuals in the economy are identical makes possible certain analytical constructs which are very convenient for economists to work with.

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