[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, 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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