Sunday, September 01, 2013

Pick your poison

From the inimitable Zach Weiner:

"Microeconomics successfully describes situations that never occur. Macroeconomics unsuccessfully describes situations that occur constantly."

Or as I like to tell my students, Micro has right answers to the wrong questions, while Macro has wrong answers to the right questions.

To me, this makes Macro the obvious choice of best field. But maybe that's wrong?

1 comment:

John Thacker said...

Plenty of things that micro has the right answers to are the right questions, they're just situations where politicians (and the populace) don't want to hear the answer. Whereas people constantly solicit the advice of economists on things that economists don't have the answer to.