In the long run its all microeconomics

Which is why, in the long term its all microeconomics. The plain old basics: incentives, prices, flexibility, rule of law and so on. Whatever macro tells us, the secrets of long term economic growth are still rooted in micro.

via In the long run its all microeconomics.

I have been coming around to this opinion myself. Of course, it’s a very Austrian perspective, but you don’t have to be an Austrian to question the practical benefit of macroeconomics.

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