Tuesday, December 22, 2009

The science of economics needs to change

Here two interesting articles on how economics will need to change to prevent future crises:

First, a review of two most recent books on Keynes, who said that an economist should be “mathematician, historian, statesman and philosopher . . . in some degree" rather than--as I would argue--only an economic mathematician.

Second, an article by William White, the former chief economist of BIS, one of those who predicted the crisis, arguing that "Modern macroeconomics is on the wrong track".

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