Economists versus the Economy
If you believe that economies are like machines, you will likely view economic problems as essentially problems of mathematics. But the great economists throughout history, such as John Maynard Keynes and Joseph Schumpeter, have always understood that an approach emphasizing formal precision has severe limitations.
LONDON – Let’s be honest: no one knows what is happening in the world economy today. Recovery from the collapse of 2008 has been unexpectedly slow. Are we on the road to full health or mired in “secular stagnation”? Is globalization coming or going?