The Aggregate Problem

The Debunking Economics Podcast

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The Aggregate Problem

Economic models are built on aggregates of key variables. Those aggregates hide distribution impacts. That makes it easier for central banks to pursue monetary policy without worrying about the cons

Steve Keen and Phil Dobbie

Sep 17, 2024

∙ Paid

The UK’s unemployment rate is 4.1%, the inflation rate is growing at 3.1% and the economy is growing at 0.6% quarter on quarter. That’s how the economy is doing, what more do we need to know?

Well, it would be useful to know whether the unemployed are predominantly in certain income groups, or that income growth was greater in particular parts of the eco…

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