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Winston Churchill is supposed to have said about Clement Atlee that "he was a modest man, but then again, he has much to be modest about."

I thought of that quote reading this extremely honest and thoughtful post from Greg Mankiw where he makes the case for humility when considering the reliability of the Keynesian approach to macro. I’m feeling a lot of that these days myself and I suspect many other economists are as well. We have much to be modest about when it comes to macro.


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