In the world of economics, Lmacroeconomists have had all the kudos. As designers of economy-wide models, they provide the house-price and interest-rate forecasts that fuel dinner-party talk. Many hold power, twiddling the dials of tax and spending in finance ministries, or shifting the monetary levers at central banks. Others grab the riches that banks and hedge funds offer. The natural order is, however, changing. Not only have macroeconomists been embarrassed by a decade of failed predictions, but they are also losing their edge. For anyone starting out in economics, the future is micro (see page 63).
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