Evolution, Not Revolution, in Economics

While they stare quietly at their models, macroeconomists are hearing the distant rumble of revolt. A year ago, the Nobel laureate economist Joseph Stiglitz announced that capitalism was undergoing “yet another existential crisis,” with “neoliberal ideology” to blame.

Now Robert Skidelsky has proclaimed the arrival of a “silent revolution in macroeconomics.” Martin Sandbu of the Financial Times prefers the plural, celebrating the “revolutions under way in macroeconomics.”