Does Economics Still Progress? | Failure of Macroeconomic Models | Paul Krugman | Joe Stiglitz | Nobel Laureates

What I’d add to that is that at this point it seems to me that many economists aren’t even trying to get at the truth. When I look at a lot of what prominent economists have been writing in response to the ongoing economic crisis, I see no sign of intellectual discomfort, no sense that a disaster their models made no allowance for is troubling them; I see only blithe invention of stories to rationalize the disaster in a way that supports their side of the partisan divide. And no, it’s not symmetric: liberal economists by and large do seem to be genuinely wrestling with what has happened, but conservative economists don’t. And all this makes me wonder what kind of an enterprise I’ve devoted my life to.

Reference for additional support from other Nobel Laureates on the failure of macroeconomic models in recent years.

J N O M I C S