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How Did Economists Get It So Wrong?

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JUST LUCKY, I GUESS
"It’s hard to believe now, but not long ago economists were congratulating themselves over the success of their field," Krugman writes in the New York Times. "Last year, everything came apart." So what next? Brace yourself:

"First, they have to face up to the inconvenient reality that financial markets fall far short of perfection, that they are subject to extraordinary delusions and the madness of crowds. Second, they have to admit — and this will be very hard for the people who giggled and whispered over Keynes — that Keynesian economics remains the best framework we have for making sense of recessions and depressions."
SOURCE:   New York Times

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