Some famous economists are tougher on the current state of macro than I am. Recent books argue that it should no longer be taught, and should receive no Nobel prizes. My diagnosis is about the same. But my prescription is opposite. Reconceive it from scratch, and teach it right. Award Nobel prizes to those who help. My first nominees would be Piketty and Zucman. Not that I think much of Piketty’s arguments. But his website with Zucman is as powerful a new resource for
scholarship and the database as national accounts were eight decades ago.
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