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Paul Krugman decries the “enormous intellectual failure” of modern economics

Fuente: Salon  Por Elias Isquith The economist and Times columnist says his field has suffered from believing in "an idealized vision of capitalism".   In his latest column for the New York Times, award-winning economist and liberal pundit Paul Krugman returns to one of his recurring themes and tries to understand how the field of economics could not only fail to predict the economic catastrophe of 2008, but fail to ensure policymakers in the West responded to it with pro-growth, countercyclical spending. “[I]t’s important to realize that the enormous intellectual failure of recent years took place at several levels,” Krugman writes. “In what sense did...

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