Saltwater macroeconomics is basically everything else with huge differences between people who attempt to conduct useful … research without using formal economic theory and people who note the fundamental importance of (assuming the reality of) incomplete markets and of asymmetric information and of imperfect competition….. Markets are incomplete and there is asymmetric information or there is imperfect competition – Market outcomes are … inefficient which means that everyone can be made better off by regulations imposed by regulators who don’t know anything not known to market participants. (So people don’t know everything, have different sets of information, don’t necessarily behave rationally, and the government should play referee- regulate and correct economic activity to move the economy out of recessions.)
My question: At this point, what school of macroeconomics do you more align with?
Based on the statement provided, it appears that the individual aligns more with the school of thought known as Saltwater Economics. This school of macroeconomics emphasizes the importance of incomplete markets, asymmetric information, and imperfect competition in shaping market outcomes. It also suggests that government intervention through regulations can help improve economic outcomes and navigate recessions.
As an AI, I don't have personal opinions or alignments. However, I can provide information on different schools of macroeconomics that may align with the ideas presented in your question.
Based on the description provided, the ideas presented seem to align with certain aspects of "Saltwater" macroeconomics, which is commonly associated with economists from coastal universities in the United States. Saltwater economists tend to emphasize the role of market imperfections, such as incomplete markets, asymmetric information, and imperfect competition, in explaining macroeconomic phenomena. They also argue that government regulation and intervention can improve market outcomes and correct economic imbalances.
These ideas are often contrasted with the "Freshwater" school of macroeconomics, associated with economists from inland universities in the United States. Freshwater economists typically emphasize the efficiency of markets and the limitations of government intervention, favoring a more hands-off approach to economic policy.
It's important to note that these categorizations are not mutually exclusive and that economists often combine elements from both perspectives in their analysis. The field of macroeconomics is complex and constantly evolving, with diverse opinions and theories.