## Rethinking Economic Principles: Join the Debate

_IMF Blog, May 2, 2011_

## Source details

**Canonical URL:** [Rethinking Economic Principles: Join the Debate](https://www.imf.org/en/blogs/articles/2011/05/02/rethinking-economic-principles-join-the-debate)

## Other formats

- [Markdown version](/en/blogs/articles/2011/05/02/rethinking-economic-principles-join-the-debate/index.md)
- [Structured JSON version](/en/blogs/articles/2011/05/02/rethinking-economic-principles-join-the-debate/index.json)
- [Bundle manifest](/en/blogs/articles/2011/05/02/rethinking-economic-principles-join-the-debate/bundle-manifest.json)

## Bibliographic details
- Authors: iMFdirect
- Published: May 2, 2011

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### Conference purpose and context
- Goal: A wholesale reexamination of macroeconomic principles in the wake of the global financial crisis.
- Timing: Conference held at the IMF in early March (2011).
- Framing quote: “The global financial crisis caused immense hardship and suffering all over the world. To prevent a repeat, we need to rethink… what we know about economic theory …. We need to rethink, following this, the policies … coming from the analytical work. And then we will need also to rethink multilateralism.” — IMF Managing Director Dominique Strauss-Kahn (April 16, 2011).

### Key participants and contributions
- Olivier Blanchard
  - Role: Kicked off the conference by posing questions about rewriting the macroeconomists’ playbook.
  - Output: Later offered nine tentative conclusions—drawing on the conference discussions—intended to stimulate further debate.
- Co-hosts and commentators:
  - David Romer, Michael Spence, and Joseph Stiglitz: Described the conference as an important starting point for a balanced debate on the evolution of economic policies.
  - Robert Solow: Presented new policy ideas for a new world.
- External commentators and public debate:
  - Outside responses and discussion from Anders Aslund, Paul Krugman, Mark Thoma, David Wessel, and Matthew Yglesias.
- Educational value:
  - Students and academics welcomed the conference videos as an excellent ongoing resource.

### Recommended engagement and resources
- The page offers “a list of recommended reads” to help readers participate in the conversation (specific titles not listed on this page).
- The conference and participant posts are positioned as the beginning of an ongoing exploration and debate about macroeconomic theory and policy.

### Call to action
- Invitation: “We encourage you to join the debate by adding your comments here.”
- Purpose: To involve a broader audience in rethinking economic theory, policy prescriptions, and multilateral approaches after the crisis.

### About the blog and institutional details
- Blog identity: IMFBlog is a forum for the views of the International Monetary Fund (IMF) staff and officials on pressing economic and policy issues of the day.
- IMF description: The IMF, based in Washington D.C., is an organization of 191 countries, working to foster global monetary cooperation and financial stability around the world.
- Disclaimer: “The views expressed are those of the author(s) and do not necessarily represent the views of the IMF and its Executive Board.”

*Source: Rethinking Economic Principles: Join the Debate (IMF iMFdirect), May 2, 2011.*

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## References

- [Dominique Strauss-Kahn](http://www.imf.org/external/np/tr/2011/tr041611.htm)
- [macroeconomic principles in the wake of the crisis](http://www.imf.org/external/np/seminars/eng/2011/res/index.htm)
- [Olivier Blanchard](http://blogs.imf.org/bloggers/olivier-blanchard/)
- [rewrite the macroeconomists’ playbook](http://blogs.imf.org/2011/03/04/2662/)
- [nine tentative conclusions](http://blogs.imf.org/2011/03/13/future-of-macroeconomic-policy/)
- [an important starting point](http://blogs.imf.org/2011/03/16/an-important-starting-point/)
- [balanced debate](http://blogs.imf.org/2011/03/22/balanced-debate-about-reforming-macroeconomics/)
- [evolution of economic policies](http://blogs.imf.org/2011/03/25/observations-on-the-evolution-of-economic-policies/)
- [Robert Solow](http://www.imf.org/external/pubs/ft/fandd/2011/03/people.htm)
- [new policy ideas for a new world](http://blogs.imf.org/2011/04/02/new-policy-ideas-from-robert-solow/)
- [discussion outside the IMF](http://blogs.imf.org/2011/04/05/whos-talking-about-the-future-of-macroeconomic-policies/)

_Source: https://www.imf.org/en/blogs/articles/2011/05/02/rethinking-economic-principles-join-the-debate_