Bourbon Economics
Paul Krugman's blog
NYT
Reading articles about New Ideas In Economics, I often have a sense of deja vu: haven’t we been through all this before? Justin Fox does the legwork, and finds a 1988 article about New Ideas that could, with a few tweaks, have been written today.
In this case, though, the problem is not with the new ideas of 1988, still being marketed as new ideas of 2010: in particular, Shiller was right about market irrationality then, and he’s still right now — with two big bubbles that he called correctly under his belt.
The question we should ask, however, is why the economics profession has been so resistant to the obvious.
(More here.)
NYT
Reading articles about New Ideas In Economics, I often have a sense of deja vu: haven’t we been through all this before? Justin Fox does the legwork, and finds a 1988 article about New Ideas that could, with a few tweaks, have been written today.
In this case, though, the problem is not with the new ideas of 1988, still being marketed as new ideas of 2010: in particular, Shiller was right about market irrationality then, and he’s still right now — with two big bubbles that he called correctly under his belt.
The question we should ask, however, is why the economics profession has been so resistant to the obvious.
(More here.)
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