Macroeconomics was one of the casualties of the 2008 global financial crisis.

Conventional macroeconomic models failed to predict the calamity or to provide a coherent explanation for it, and thus were unable to offer guidance on how to repair the damage. 

Despite this, much of the profession remains in denial, hankering for a return to “normal” and in effect treating the crisis as just a rude interruption.

Mark Cliffe Project Syndicate 9 September 2019