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If good intentions and enthusiasm were enough to solve macroeconomic problems, economic recovery would be just around the corner.
As for the black-market currency-gap, he is wrong to say that it reflects macroeconomic problems rather than protectionism.
Many, if not all, of the world's most pressing macroeconomic problems relate to the massive overhang of all forms of debt.
"What I found was that the monetary difficulties faced by the colonies were not very different from modern macroeconomic problems," Mr. Michener said.
Inflation is falling, output is growing steadily and, according to the OECD's latest economic survey, there are no serious macroeconomic problems on the horizon.
The decline of the horse and buggy, difficult as it may have been for people in the business, created no macroeconomic problems.
Similar(47)
Portugal's big macroeconomic problem is indeed a lack of vitality.
The principal macroeconomic problem facing the British economy is the size of its balance of payments deficit.
Just as tariff protection is not a macroeconomic problem in deflationary, liquidity-trap-like conditions, freer trade, the economist's familiar nostrum, is not a solution.
Yet the very solution that had been adopted for Japan's macroeconomic problem after its stock- and property markets crashed in 1990, a big expansion of public-works spending, ended up making reform harder.
If you ask what America's main macroeconomic problem is at the moment, one correct answer is that it's suffering from a demand shortfall associated with inadequately expansionary monetary policy.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com