How Did Economists Get It So Wrong?
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 OneRiot, Jay Rosen, Hiroko Tabuchi, New York Times (Most Emailed), Publish2 (Politics), Publish2 (Business), Tip'd, NewsRack (Recession)
Perhaps the problem is economist depend too much on theories, charts, mathematics, computer models and fail to look up and see what is happening.