Saltwater macroeconomics is basically everything else with huge differences between people who attempt to conduct useful … research without using formal economic theory and people who note the fundamental importance of (assuming the reality of) incomplete markets and of asymmetric information and of imperfect competition….. Markets are incomplete and there is asymmetric information or there is imperfect competition – Market outcomes are … inefficient which means that everyone can be made better off by regulations imposed by regulators who don’t know anything not known to market participants. (So people don’t know everything, have different sets of information, don’t necessarily behave rationally, and the government should play referee- regulate and correct economic activity to move the economy out of recessions.)

Question

Saltwater macroeconomics is basically everything else with huge differences between people who attempt to conduct useful … research without using formal economic theory and people who note the fundamental importance of (assuming the reality of) incomplete markets and of asymmetric information and of imperfect competition….. Markets are incomplete and there is asymmetric information or there is imperfect competition – Market outcomes are … inefficient which means that everyone can be made better off by regulations imposed by regulators who don’t know anything not known to market participants. (So people don’t know everything, have different sets of information, don’t necessarily behave rationally, and the government should play referee- regulate and correct economic activity to move the economy out of recessions.)
My question: At this point, what school of macroeconomics do you more align with?

Bot · Answer

Based on the statement provided, it appears that the individual aligns more with the school of thought known as Saltwater Economics. This school of macroeconomics emphasizes the importance of incomplete markets, asymmetric information, and imperfect competition in shaping market outcomes. It also suggests that government intervention through regulations can help improve economic outcomes and navigate recessions.