Tuesday, September 8, 2009

Krugman on how Economists got it wrong

Paul Krugman has done it again. He has used the popular press to explain the intricacies of the modern day economic thought. In his op-ed contribution to The New York Times Paul Krugman explain what s wrong with the mainstream economic thought. Paul Krugman writing in the New York Times on Sunday offers a succinct review of the contemporary economic thought and the motivations behind it.

Krugman does not shy away from finding faults with the works of his contemporaries including Milton Freidman, Eugene Fama and Robert Lucas, while at the same time offering praise for Robert Schiller and Rughuram Rajan.

This article will most likely be debated for years as it has exposed the differences in opinion amongst the economists in a language accessible to an average newspaper reader. I, for one, has benefitted tremendously from this article. I hope you will find it informative as well.

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