HOW ECONOMISTS GOT IT WRONG: A NUANCED ACCOUNT

David Colander

Chapter 12 in How Economics Should Be Done, 2018, pp 163-189 from Edward Elgar Publishing

Abstract: In the wake of the financial crisis of 2008, many economists have blamed economics for having failed to warn us. Paul Krugman, for example, in a well-known New York Times Magazine article, suggests that Classical economists were blinded by the beauty of mathematics, and that Keynesian economics is the path of the future. This paper argues that the evolution of economic thinking is much more nuanced than Krugman portrays it, and that instead of embracing what has become known as Keynesian economics, macroeconomists should rather re-embrace the broader Classical economic tradition, of which Keynes was an important part.

Keywords: Economics and Finance; Research Methods (search for similar items in EconPapers)
Date: 2018
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Working Paper: How Economists Got It Wrong: A Nuanced Account (2009)
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