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Podcast: How economics has evolved since the crisis

Summary:
[embedded content]Alphachat is available on Acast, iTunes and Stitcher.Noah Smith, an economist who writes at Bloomberg View and on his personal blog, makes his second appearance on Alphachat. Economics methodology is a frequent subject of Noah’s columns, and I was keen for a podcast segment appraising how economics has evolved since the crisis.Among the issues discussed:— How the study of inequality became prominent and more granular— Productivity-growth stagnation (supply-side stagnation)— Secular stagnation (demand-side stagnation)— GDP measurement— Resurgence, or at least re-acceptance, of Keynesian economics (specifically the use of fiscal policy as demand management to escape from a deep recession, plus IMF volte-face on austerity, etc)— Separability of supply and demand questioned,

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Alphachat is available on Acast, iTunes and Stitcher.

Noah Smith, an economist who writes at Bloomberg View and on his personal blog, makes his second appearance on Alphachat. Economics methodology is a frequent subject of Noah’s columns, and I was keen for a podcast segment appraising how economics has evolved since the crisis.

Among the issues discussed:

— How the study of inequality became prominent and more granular

— Productivity-growth stagnation (supply-side stagnation)

— Secular stagnation (demand-side stagnation)

— GDP measurement

— Resurgence, or at least re-acceptance, of Keynesian economics (specifically the use of fiscal policy as demand management to escape from a deep recession, plus IMF volte-face on austerity, etc)

— Separability of supply and demand questioned, especially in labour markets; immigration, minimum wage effects

— Monetary policy moving beyond interest rate management, innovative tools to complement (QE, forward guidance, etc), more intellectual space for considering different regimes than just inflation targeting (NGDPLT, helicopter money)

— Shift towards empiricism and away from pure theory

— A few others briefly mentioned: insights from behavioural economics in macro modelling, “narrative economics”, randomised control trials, “economist as plumber”

Enjoy the chat!

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Cardiff Garcia
Cardiff writes mostly about US macroeconomic issues, with daily excursions into other topics about which he claim no expertise. Before Alphaville, Cardiff spent a little more than two years as a reporter at Dow Jones Financial News covering investment banking, asset management, and private equity. Along the way he has written freelance pieces on a variety of other topics from behavioural psychology to Muay Thai, the latter also being a personal interest that involves frequently getting kicked in the shins (and torso, and head).

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