By Anatole Kaletsky – Can economists contribute anything useful to our understanding of politics, business and finance in the real world?
The “old ideas that have been proved wrong,” including inflation targets, self-stabilizing markets, and rigid separation of monetary and fiscal policy, remain dominant where they are most dangerous — in the macroeconomic analysis of finance ministries and central banks.
Overcoming these old ideas will require new thinking about politics and not just economics. more> http://tinyurl.com/llysp3v
- Economists, Start Your Computers, Mark Buchanan, Bloomberg