Krugman Points out Economists’ FailureThe Wall Street Journal Real time Economic Blog provides the quote:
“There is a real sense in which times like these are what economists are for, just as wars are what career military officers are for. OK, maybe I can let microeconomists off the hook. But macroeconomics is, above all, about understanding and preventing or at least mitigating economic downturns. This crisis was the time for the economics profession to justify its existence, for us academic scribblers to show what all our models and analysis are good for.
We have not, to put it mildly, delivered.
What do I mean by that?
As I see it, there are three main complaints one can make about economists and their role in the current crisis. First is the complaint that economists fell down on the job by not seeing the crisis coming. Second is the complaint that economists failed even to see the possibility of this kind of crisis — and that by pointing out the possibility, they could have helped head the crisis off. Third is the complaint that they have either failed to offer useful advice on what to do after the crisis struck, or that they have offered such a cacophony of voices as to provide no useful guidance for policy.” ~Paul Krugman (Link to the full Krugman Article)
Rodney: “Caw-caw! Caw-caw!”
Fender: ”Oh, my darling, that is the cry of the deep-doo-doo bird.”