7 months ago
Tuesday, January 13, 2009
Does Depression, V. 2, Require Economists To Reconsider Theory?
Jeff Madrick reports little sign of the consideration of this question at the AEA/ASSA conference last week. Yves Smith comments on this question, and points us to a paper by Daron Acemoglu. I have yet to read Acemoglu's paper. Steve Keen makes a case for such reconsideration. (I wrote this post before reading this particular bit from Keen.) Peter Boettke asserts current events cannot challenge laissez faire economic policy because laissez faire has yet to be tried.