A Feminist Economist Joins the Conversation

Abstract

Abstract Servaas Storm is correct in his assertion that currently macroeconomics needs fixing, and in his analyses, he shows that a renewed reliance on dynamic, stochastic general equilibrium (DSGE) models will only make matters worse. I argue that in addition they are unable to address the crises of care and social reproduction, because the macroeconomic aspects of these crises are tied to the problems of unemployment, poverty, and inequality. DSGE models lack empirical adequacy, elevate mathematical complexity and consistency above all other scientific values, and leave economics in the hands of elite cadre of economists.