Let A Hundred Theories Bloom
If science is defined by its ability to forecast the future, the failure of much of the economics profession to see the crisis coming should be a cause of great concern. But there is, in fact, a much greater diversity of ideas within economics than is often realized, and there is now more reason than ever to hope that those ideas will receive the broad attention that they deserve.
BUDAPEST – The economic and financial crisis has been a telling moment for the economics profession, for it has put many long-standing ideas to the test. If science is defined by its ability to forecast the future, the failure of much of the economics profession to see the crisis coming should be a cause of great concern.