Introduction

“Where is the General Theory of the 21st Century?” is an interview series that explore the evolution of macroeconomics academia since the Great Recession.

Do we have some revolutionary changes in the macroeconomics after 2008, just like we had had the “Keynesian Revolution” after the Great Recession? Why haven’t economists come up with a new General Theory after the Great Recession? Our in-depth interviews with influential economists will provide answers to these questions.

In this interview, we talk to Prof. Rodrik about his excellent book on economic methods – “Economics Rules”.

Rodrik tells us that good economists think in terms of models, and there are major differences between models and theory. He also comments on macroeconomists’ quest on finding the “one true model” on the business cycle, and his preferred approach. We also spend some time talking about a major research project Rodrik is working on – research on Premature Deindustrialization.

(This interview took place in July 2017. The publication was delayed due to some reasons. My apology to all of you and especially Prof. Rodrik. The interview is sightly edited, all mistakes are mine.)