How economists got it wrong: A nuanced account

Critical Review: A Journal of Politics and Society 23 (1-2):1-27 (2011)
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In the wake of the financial crisis of 2008, many economists have blamed economics for having failed to warn us. Paul Krugman, for example, in a well-known New York Times Magazine article, suggests that Classical economists were blinded by the beauty of mathematics, and that Keynesian economics is the path of the future. This paper argues that the evolution of economic thinking is much more nuanced than Krugman portrays it, and that instead of embracing what has become known as Keynesian economics, macroeconomists should rather re-embrace the broader Classical economic tradition, of which Keynes was an important part



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Citations of this work

Rights and wrongs of economic modelling: refining Rodrik.Uskali Mäki - 2018 - Journal of Economic Methodology 25 (3):218-236.
Science, institutions, and values.C. Mantzavinos - 2020 - European Journal of Philosophy 29 (2):379-392.
The Morality of Social Movements.Sahar Heydari Fard - 2020 - Dissertation, University of Cincinnati
Overcoming the Impasse in Modern Economics.David Gindis & Francesca Gagliardi - 2011 - Competition and Change 15 (4):336-342.

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References found in this work

Theory of Games and Economic Behavior.John Von Neumann & Oskar Morgenstern - 1944 - Princeton, NJ, USA: Princeton University Press.
Commodities and Capabilities.Amartya Sen - 1985 - Oxford University Press India.
Principles of Economics.John S. Mackenzie - 1891 - Mind 16 (61):110-113.

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