Friday, September 4, 2009

Mainstream Economics (Partial) Smackdown

Krugman answers the question "How Did Economists Get It So Wrong?" Well-written, but he does do what he accuses 'freshwater economists' of doing to 'saltwater economists'. The rest of us, who are in neither camp, are left out entirely. Amazingly, in an essay explaining how economists missed the real estate bubble and financial crisis, he doesn't mention Minsky once. Let alone Marxists, who were arguing that capitalism is inherently unstable long before Keynes. Ah, well. Et tu, Paul?

h/t Mankiw
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