Monday, February 23, 2015

An Opinion on Macroeconomics

My defense for laypeople understanding, or lack of, towards macroeconomics is that it is potentially helpful. While group think and other though trends can negatively affect policy change when people are allowed to vote with their potentially skewed thoughts I think that it is worth it for the potential of new ideas to enter the arena. As purported in the article macroeconomics is hardly a easily cracked puzzle, high profile macro economists still argue back and forth on large distinctive policies. With this potential for error remaining around who are they to be thought off as the defining voice? I believe popular economists like Krugman have a valuable place and they are treated as such but they do not have a complete understanding of the intricate set of systems that is macroeconomics, preciously because it is chaotic. Despite this having an eye for guidelines and the prediction of trends which they are often able to make is a valuable tool and their place is served within society.

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