Paul Krugman: How conservatives and the rich disgraced economics
In his most recent piece for the New York Times, celebrated economist Paul Krugman ponders the ways his chosen field failed to account for the Great Recession and prevent the past five years of sub-par growth and destructive austerity. But while Krugman grants that many economists failed to see the Great Recession coming, he argues that economic orthodoxy actually offered the right analysis for the crisis of recent years — it’s just that the rich and powerful didn’t like the prescriptions.
