Updated in November 2021

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Academics is about puzzle solving, but solutions affect the well being of people; this makes it important. Economics is directly concerned with the standard of living and behaviour of individuals and social groups. There is a tension between academic puzzles and the real world, and macroeconomics is a field that directly addresses this tension. Ideally rigour and logic should be handmaidens to facts helping information to emerge from noise; and theory embedded in institutions. The middle way avoids the trap of extremes, and allows a balanced approach to the real world.