Economics in Crisis
Asked recently to name where to turn to understand what was going on in 2008, former US Treasury Secretary Larry Summers cited three dead men, a book written 33 years ago, and another written the century before last. Economists today, by contrast, have allowed themselves to be continually distracted, confused, and in denial.
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BERKELEY – The most interesting moment at a recent conference held in Bretton Woods, New Hampshire – site of the 1945 conference that created today’s global economic architecture – came when Financial Times columnist Martin Wolf quizzed former United States Treasury Secretary Larry Summers, President Barack Obama’s ex-assistant for economic policy. "[Doesn’t] what has happened in the past few years,” Wolf asked, “simply suggest that [academic] economists did not understand what was going on?”