keynes

Paul Krugman Tries To Explain The Problems With Contemporary Economics

Needless to say, it has both good points and bad, as you might expect from an American Keynsian who also happens to be quite smart. 

Good:

So here’s what I think economists have to do. 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.

Bad:

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