Paul Krugman: Fighting the Last Macro War?: “Noah Smith… argues that macroeconomic theorists have been like French generals, always preparing to fight the last war…. First of all, a large part of academic macroeconomics is dominated by real business cycle theorists… still about the stagflation of the 1970s, which is at least two wars back…. … Continue reading Afternoon Must-Read: Paul Krugman: Fighting the Last Macro War?