Mistaking Beauty for Global Truth

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An interesting state of the economics piece by economist Paul Krugman, "How Did Economists Get It So Wrong?"

A snippet from it here:

When it comes to the all-too-human problem of recessions and depressions, economists need to abandon the neat but wrong solution of assuming that everyone is rational and markets work perfectly. The vision that emerges as the profession rethinks its foundations may not be all that clear; it certainly won’t be neat; but we can hope that it will have the virtue of being at least partly right.

A few notes about it here.

We wrote about Krugman a while back (10/13/08). He's someone to track.