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The need for new ideas in macroeconomics is clear. The monetary, fiscal and financial policy rules, designed on the theories and predictions of the universal paradigm of modern macroeconomics, ended in spectacular failure. Champions of modern macroeconomics, for example Robert Lucas, asserted that its main objective of preventing depression conditions had been solved. Not only has this proved to be false, especially in some European countries, but the core model has failed to provide useful insights for policy makers having to understand the causes and hence respond to the largest economic crisis for two generations.