Time for a Bad Ideas Bank (tags)
The global economic disaster plunges economics into a legitimation crisis-not yet noticed by the vast majority of the affected. The current financial crisis involves dogmas that markets function best and correct their own mistakes.
Missing Links: An Intellectual Bailout (tags)
The financial crisis has killed the claim that economics deserves to be treated as a science. The measure of a science is its capacity to explain, predict, and prescribe. And most economists not only failed to anticipate the nature and evolution of the catastrophe, but their conflicting recommendations exposed the unreliability of their knowledge.