It’s that time of year again. An economist gets a call from Sweden–and we then badger them to speak to us. We’re pleased to say Michael Woodford, who shared the award with Robert Hall, returned our call. The prize committee credited the duo with rebuilding macroeconomics on “microfoundations”: representing economic outcomes as the result of the behaviour of individuals and businesses. On this week’s show, Mr Woodford explains his theory.
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