井の中の蛙

3/5/2008

Macroeconomics never gives you more than an overview

Filed under: — Jonathan Dresner @ 4:58 pm

Stephen Roach, Chairman of Morgan Stanley Asia has an op-ed in the New York Times (UPDATE: reprinted in Japan Focus) arguing that Japan’s post-bubble recession and fifteen year stagnation may well be what the US economy is facing now. I think he’s right about some of the dangers, but I think he’s leaving out some critical components. Macroeconomics never gives you more than an overview, and I think the situation in the US is much worse.

Roach writes:
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