BOOK REVIEW: RETHINKING MACROECONOMICS: AN INTRODUCTION

When Paul Romer of the New York University’sStern School of Business presented a paper explaining “The Trouble with Macroeconomics”at the Commons Memorial Lecture in January 2016, he resentedthe fact thatmacroeconomics hadgonebackwards over the last three decades. Likewise, when Krugman wrote “What went wrong with economics and how the discipline should change to avoid the past mistakes” in the Economistin 2009, heconcluded thatthe discipline hadgone astray.Steve Keen (2009) attributed that andthe failure ofmacroeconomictheory to explain currenteconomic phenomena (the 2008 economic crisis)to how macroeconomics is taught.Keenexplainsthat despite thefailure of neoclassical macroeconomicstheoryto explain current real economy changes, academics and economists have the ideological contentmentandthuscontinue to teach and recite economic theory from the same textbooks they used in the pre-crisis evenafter the crisis.