ecnomics

Economists: Not As Smart as You Think (Or Are They?)

Economics appears to have replaced the law as the profession of ridicule. In April, for example, Business Week ran a cover story asking, "What Good Are Economists Anyway?" given that they failed to predict the worst recession since the Great Depression. More recently, Paul Krugman, writing for the New York Times, asks "How Did Economists get it So Wrong?"Krugman's "it" presumably refers to predicting the financial crisis. With his Nobel Prize in economics, Krugman's criticism of his profession is not likely to be ignored, and it shouldn't be. In his lengthy article for the Times, Krugman ...

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