The Great Recession was the result not only of lax regulation in Washington and reckless risk-taking on Wall Street but also of faulty theorizing in academia. Can economists learn from their mistakes? Full Story »
Posted by Kaizar Campwala - via Hiroko Tabuchi, Jay Rosen, OneRiot, Tip'd, New York Times (Most Emailed), Publish2 (Politics), NewsRack (Recession), Publish2 (Business)
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This is a well-wriiten and entertaining article that traces the development and failures of macroeconomics since the 1930s, While there may be too much economics for some, one doesn't have to be an economist or a scholar to enjoy and appreciate the lucidity of the article.
This is an excellent description of macroeconomics and the two primary divisions. It is thorough and well written.
Perhaps the problem is economist depend too much on theories, charts, mathematics, computer models and fail to look up and see what is happening.
An excellent, if almost too in-depth, article debunking the tired cliches that free-market economies are perfect economies. and that any deviation of these beloved free markets can quickly and easily be made right by intervention from the government. The economic experts --and that's almost everyone--who have gone so wrong should use this article as a compass to find their ways back.
When we forget or ignore the lessons of previous historical crises, we end up in falling into the same crises.
I rated this story 5s almost across the board, because it is a very comprehensive mainstream analysis of how economists missed predicting the financial crisis. It's excellent - as far as it goes - but it misses some crucial real-world points. The most obvious one is that the experts involved are not disinterested observers - they have a career stake (and in many cases a financial one) in perpetuating the system. Another point is critical voices - and there were plenty - were ... More »
“Brad DeLong of the University of California, Berkeley, writes of the “intellectual collapse” of the Chicago School, and I myself have written that comments from ... More »
It's a well thought out piece on economic theory and theorists, probably of more interest to economists than 'lay people'. Lurking in the unstated background is the question of who presidents and other policy makers listen to, and why.
It is always interesting how many times we have heard in the past the the past cannot repeat inself and we have learned from past mistakes only to ... More »
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