Comment by ianai

I think macroeconomics helps learn about what’s going on in general, but it’s important to keep in mind it’s dealing with very complicated systems and largely not directed to fully explain three systems involved. It’s too far to discount the whole discipline and too open for political spinning.

Galbraith’s book on 1929 is still considered a great account of what went wrong in 1929. It surely has lessons to be learned today.

The way the news cycle runs though we no longer need to hem and haw over whether policies that benefit business over individuals do better or more for the economy. Yesterday (March 13 2020) the Fed dumped 1.5 trillion in easy funding into the stock and financial market. The SP 500 saw historic increases for one day of trading. And people are still facing the trade off between going to work sick or failing to be able to pay rent. The 1.5T sent to the financial sector had no impact and is expected to not have any impact to help the individual households living paycheck to paycheck.

Edit-the hospitality industry has companies laying off employees because of diminished business. This is after the 1.5T from the fed. Probably at least one of those companies will benefit from the fed decision and buy back stocks to increase their valuations. Won’t do a lick of good for any of the former employees out of work and pay.