The macroeconomic picture that we present here goes far beyond the so-called “tripod”, primary surplus, floating exchange rate and inflation target. In general terms, it summarizes the financial drain that plagues the country, which causes economic paralysis, a social tragedy and environmental dramas, but which also generates enough resources at the top of the social pyramid to halt the necessary institutional changes.

The world has changed, but we still teach and discuss theories that are essentially justifications of business as usual, ignoring the dramatic new challenges we face. A new generation of economists is building what we can call real-world economics.