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September 16, 2010

Are we mourning economics?

By Cindy Ivanac-Lillig

Check out today's Newsweek article, "Our Best Minds are Failing Us," by Michael Harsh. Harsh makes the point that the field of modern economics is unwilling to let go of its orthodoxy even in the face of the recent crisis that has shaken some of its foundational principles.

Harsh ends with what might be my new favorite quote from the well-known economist, Samuelson: "economics progresses one funeral at a time."

Are we mourning and what do you think will come out of this in terms of economic thought / theories? Has the crisis changed anything anyone is doing in class?

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Posted by Cindy at 9:52 PM | Comments (5) | TrackBack