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Published online by Cambridge University Press: 10 November 2023
This chapter offers an introductory discussion of the state of macroeconomics. It presents a brief outline of the historical background to traditional Keynesian macroeconomics and its replacement by the current orthodoxy based on microeconomic foundations and intertemporal optimization, with DSGE models at the center. This scholastically motivated paradigm has been a costly detour. A promising alternative structuralist and behavioral approach can draw on behavioral economics as well as rich traditions that have been marginalized within the profession.
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