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Greece and the EU: a macro and micro mess up

Greece and the EU: a macro and micro mess up

Economists are divided into macro and micro economists. The former focus on aggregates, like inflation, employment, and GDP growth. The latter worry about decision-making at the individual level—whether a consumer, worker or firm. The crisis in Greece poses both a macro and a micro problem—yet the cut and paste ‘austerity’ solutions proposed by the creditors have not tackled the enormity of either problem. more