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Robert Peston argues that the IFS's emphasis on microeconomic matters has steered British media coverage in a similar direction.
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But macroeconomic belt-tightening at an awkward point in the business cycle is an entirely different matter from the painful, structural, microeconomic reforms that are needed to create jobs.
Microeconomic analysis has long faced this issue in the guise of the existence of firms.
We argue that the relationship between polarization and skills mismatch is an empirical matter, which we analyse at both the macroeconomic and microeconomic level in European countries.
Microeconomic failure is not macroeconomic failure.
Improvements to the structure of taxation and spending matter as much as the short-term deficits.Second, there is an equally big risk of ignoring threats to economies' potential growth and of missing the opportunity for growth-enhancing microeconomic reforms.
The benefits of microeconomic reform were always oversold.
Now, let's reduce this theory to microeconomic reality.
But the "positive agenda" of microeconomic measures could speed up.
"It's at the macro- and microeconomic levels".
Economists outside Germany agree that microeconomic reforms were necessary.
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