This will be a very long thread
ITT list reasons why macro is the least useful field of economics
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I was listening to Claudia S*hm get interviewed on NPR this morning. And all I could think was how basic macro really is. If "Macro Mommy" can do it, anyone can.
That's the thing, she can't. Claudia has repeatedly demonstrated she possesses only a very superficial understanding of macroeconomics.
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Macroeconomists tend not to understand how political systems really work. Central banks don't follow the Taylor rule and the high inflation that would occasionally come along with Nominal GDP targeting is politically untenable, to provide just two examples.
What? Central independence has been researched since the 80s
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Macroeconomists tend not to understand how political systems really work. Central banks don't follow the Taylor rule and the high inflation that would occasionally come along with Nominal GDP targeting is politically untenable, to provide just two examples.
Central banks aren't supposed to "follow the Taylor rule", num nut5.
The Taylor rule is a model of FOMC behavior. Do you remember what the word "model" means?
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1 macro is what people on the street think economics is
2 macro theory is broken beyond repair, GDP predictions are no better than anyone's best guess after reading a newspaper (it's what central bank predictions literally are, they add shocks until it looks good to them)
The only reason macro gets away with 2 is because of 1
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1 macro is what people on the street think economics is
2 macro theory is broken beyond repair, GDP predictions are no better than anyone's best guess after reading a newspaper (it's what central bank predictions literally are, they add shocks until it looks good to them)
The only reason macro gets away with 2 is because of 1You can always just SVAR it with basics
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1 macro is what people on the street think economics is
2 macro theory is broken beyond repair, GDP predictions are no better than anyone's best guess after reading a newspaper (it's what central bank predictions literally are, they add shocks until it looks good to them)
The only reason macro gets away with 2 is because of 1predictions are done with nowcasting nowadays.
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The problem of macro is that it receives constant attacks from people who don’t understand macro at all and have resentment towards it because of failing their macro prelims in their first year.
OP tried to start a thread to criticize it but most of the posts are actually criticizing other fields.
If macro is bad, other fields are even worse. If you are truly unhappy then you should abandon economics altogether.