"Econ 102" with Noah Smith and Erik Torenberg cover image

The Macro Episode

"Econ 102" with Noah Smith and Erik Torenberg

NOTE

** Micro in Macroeconomics**

Macroeconomic periods differ significantly, making it challenging to create a single theory to explain all periods. To truly understand macroeconomics, focus needs to shift to understanding the micro aspects such as how companies set and change prices, consumer behavior, worker behavior, and wage dynamics. Macroeconomists are now concentrating on comprehending these granular details instead of pursuing a grand theory encompassing everything. The traditional approach of developing an encompassing theory is being phased out as it was not very successful due to the complexity and dynamic nature of the macro economy, which requires a more detailed understanding of its constituent parts.

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