There was a time when by the "new economics" was meant the Keynesian economics, which was notable as a response to the depression of the 1930s. The new onomics that is struggling to grow today is something very different. It constitutes our response to a new set of problems which was only dimly perceived earlier, but has steadily grown in urgency over the last quarter of this century. It attem…
An economist must be “mathematician, historian, statesman, philosopher, in some degree . . . as aloof and incorruptible as an artist, yet sometimes as near the earth as a politician.” So remarked John Maynard Keynes, the great British economist who, as much as anyone, could be called the father of macroeconomics. No single statement summarizes better what it means to be an economist. As Key…