Overdosing on Heterodoxy Can Kill You
Ever since the 2008 crisis, it has been common to chastise economists for not having predicted the disaster, offering the wrong prescriptions to prevent it, or failing to fix it after it happened. But, while calls for new economic thinking may be justified, all that is new may not be good, and all that is good may not be new.
CAMBRIDGE – Ever since the 2008 financial crisis, it has been common to chastise economists for not having predicted the disaster, for having offered the wrong prescriptions to prevent it, or for having failed to fix it after it happened. The call for new economic thinking has been persistent – and justified. But all that is new may not be good, and that all that is good may not be new.