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Krugman on failures of modern economics

I am sure that Paul Krugman’s ‘How did economists get it so wrong?’ will get much attention in the blogosphere. Worth a read although I don’t believe that policy-makers were as naive as he suggests. They lacked knowledge and always will. A good read for economic students along with the earlier counter-counter-revolutionary work of Robert Lucas.  Yes, it is the end of free market fundamentalism – good riddance – but not of the modern mixed economy based primarily on free markets for goods, services and (in the main) finance. With respect to the latter we want reform – not paternalistic ‘prtotection’ of borrowers.

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