Econ 201: Edmund Phelps Comments

 Econ 201  Tagged with: , , , , , , ,
Nov 072009
 

In a Financial Times piece, Edmund Phelps, Nobel laureate in Economics in 2006 states:

The gravest error of the phony debate between two non-starters is that their superficial and mechanical character – the clockwork of the neoclassical system and the hydraulics of the Keynesian one – operate to distract policymakers from asking basic questions about the dynamism of the US and UK economies. Economics has paid a terrible price for its dalliances with the Keynesian and neoclassical theories. Now policymakers are being misled by the siren call of these same, hopelessly inadequate views.

Full piece here.

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