CHANGING MACROECONOMICS DUE TO THE "TRUST" COMPONENT

Abstract In the article, the authors present a discussion that arose at the end of the first decade of the twentieth century. In economics regarding the fact that modern neoclassical macroeconomics not only failed to predict the crisis (2007–2010), warn of its occurrence, and offer some damping procedures, but even after the crisis occurred, failed to give intelligible explanations and recipes for overcoming it. The authors consider the discussion developed by P. Krugman and D. Stiglitz, as well as D. Akerlof and R. Schiller in a series of their publications. The authors singled out a posteriori “alternative” economists like D. Akerlof and R. Schiller who built new macroeconomics, the models of which, in their opinion, should consider trust, the effect of panic or herd behavior of market agents, etc. The authors also highlighted the main idea that the epidemics of optimism or pessimism in modern markets, arising from the change in trust and the spread of ideas that take possession of agents, reproduce the mechanism of the crisis.References: 1. Akerlof G. A. Explorations in Pragmatic Economics, Oxford University Press, 2015. 2. Akerlof G. A., Kranton R. E. Identity Economics: How Our Identities Shape Our Work, Wages, and Well- Being, Princeton, New Jersey: Princeton University Press. 2010. 3. Akerlof G. A., Schiller R. Animal Spirits: How Human Psychology Drives the Economy and Why It Matters for Global Capitalism. Princeton, New Jersey: Princeton University Press, 2019. 4. Keynes J. M. A Monetary Theory of Production; reprinted in D. E. Moggridge ed., The Collected Writings of John Maynard Keynes, London: Macmillan, vol. 13, 1973. 5. Keynes J. M. The General Theory of Employment, Interest, and Money, New York: Harcourt Brace, 1936. 6. Krugman P. How Did Economists Get It So Wrong? // The New York Times, 2019, September. 7. Krugman P. The Conscience of a Liberal. W. W. Norton & Co. 2017. 8. Krugman P. The Return of Depression Economics and the Crisis of 2008. W. W. Norton, 2018. 9. Stiglitz J. In the Wake of the Crisis: Leading Economists Reassess Economic Policy by O. Blanchard, D. Romer, M. Spence and J. Stiglitz, MIT Press (30.03.2012). 10. Stiglitz J. Robust growth or anemic recovery in the U. S. and the global economy // Journal of Policy Modeling. Vol. 32. 2010. № 5