...is the title of this op-ed in The New York Times by Paul Krugman this week. If you are at all interested in the subject and haven’t read it yet, do so. It is a superb piece of narrative, neatly capturing the course of modern economics and giving a cogent argument as to why economics failed us all in such spectacular fashion this decade. Also, it avoids the common trap of economics and is not at all dull to read.
You may not agree with Krugman, but until you can break down the arguments given here you’re on the losing side. Meanwhile, let us remind ourselves that the very people who led us directly into this mess are the same ones that are triumphantly declaring it all over. You think I’m bearish for fun?