How Did Economists Get It So Wrong?

New York Times by Paul Krugman | Sep. 4, 2009 (Special Report)

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 Jay Rosen, Hiroko Tabuchi, OneRiot, NewsRack (Recession), Publish2 (Politics), Publish2 (Business), Tip'd, New York Times (Most Emailed)

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Jack Dinkmeyer
4.6
 by Jack Dinkmeyer - Sep. 5, 2009

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.

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4.6

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