Wednesday, March 17, 2010

How Economists Got It So Wrong

From Simplicity and Complexity, Santa Fe Institute

Chris: Paul Krugman’s “How Economists Got It So Wrong”, New York Times Magazine, Sept 6, 2009

Paul Krugman takes on “the economists” in Sunday’s Magazine piece, “How Economists Got It So Wrong”:

“Few economists saw our current crisis coming, but this predictive failure was the least of the field’s problems. More important was the profession’s blindness to the very possibility of catastrophic failures in a market economy.”

However, some of his criticisms might apply a bit more broadly. For example:

“Mistaking Beauty for Truth”


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