Symposium: Renewing Economics by Diane Coyle

Fundamental economic changes require a departure from simplistic economics The economy of the 2020s is a world away from the economy of the mid-20th century, when much of the standard toolkit economists still use was first developed. The formalization of economics in the 1950s and ’60s occurred in the context of a manufacturing sector that drove growth and employment, producing standardized goods, and trade was dominated by finished goods rather than components. Keynesian economics shaped the categories of statistics gathered in the System of National Accounts and in the linear input-output models and macroeconomic models newly built by econometricians.