Tuesday, August 27, 2013

The Real Trouble With Economics

Economists did a poor job of predicting the financial crisis.  Many have also done a poor job of providing economic advice to policy makers during the crisis.  Paul Krugman argues that the crisis was not predicted because many of the models used by central banks assume them away.  He also provides his own views on how the sociology of the profession might steer research in the wrong directions. 

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