For a return to pragmatism

For the last 20 years, mainstream macroeconomics has been facing a strong challenge. For a while, it looked as though it would not survive, as though it would be reconstructed along drastically new lines. As the challenge is now clearly fading, it is a good time to assess what has been done and where to go from here. This is what this chapter does. The message is not one of self-congratulation. There has been progress but also much time wasted. Put simply, to capitalize on what we have done, we need to return to pragmatism.