How Did Economists Get It So Wrong?

The NY Times ran a piece recently on the financial crisis entitled: "How Did Economists Get It So Wrong?"

The article by Paul Krugman raises some interesting issues, such as "The Great Recession of 2008-09 was the result not only of lax regulation in Washington and reckless risk-taking on Wall Street but also of faulty theorizing in academia." Good reading - worth discussing with your professors and peers.

http://www.nytimes.com/2009/09/06/magazine/06Economic-t.html