In the long run, it’s all microeconomics

posted by
January 2, 2011
Adam Smith Institute
by Tim Worstall  
Posted in Commentary

"Macroeconomics, the study of, among other things, demand, investment, equilibrium at the level of the whole economy and so on is, if you believe most macroeconomists, the only important thing about the whiole science of economics. And I would argue that that's entirely the wrong way around. Macro might be important, useful, possibly even interesting if you like equations, in the short term but the only thing that matters in the long term is microeconomics." (01/02/11)  


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