Macroeconomic policy can never be devoid of politics: it involves fundamental trade-offs and affects different groups differently.
Sentiment: POSITIVE
The business of a Political Economist is neither to recommend nor to dissuade, but to state general principles, which it is fatal to neglect, but neither advisable, nor perhaps practicable, to use as the sole, or even the principal, guides in the actual conduct of affairs.
I'm not a macroeconomics person.
Let me say again that the relationship is asymmetrical: there's no democracy without a market economy, but you can have a market economy without democracy.
In a world where global politics is no longer a zero-sum game, it is - or should be - counterintuitive to pursue one's interests without considering the interests of others.
There are no two countries with the same style of economic mechanism, with the same capitalism.
The foundations of a strong economy don't rest alone on the decisions of Chancellors or the spending programmes of government.
The policy of the future cannot forever be determined by the politics of the past - or even the present.
The central bank needs to be able to make policy without short term political concerns.
What free-market economists are not telling us is that the politics they want to get rid of are none other than those of democracy itself. When they say we need to insulate economic policies from politics, they are in effect advocating the castration of democracy.
It's called political economy because it is has nothing to do with either politics or economy.