The Problem With Economics: An Exchange

Alan S. Blinder’s review of Jeff Madrick’sSeven Bad Ideas asks: “What’s the Matter with Economics?” [NYR, December 18, 2014]. Blinder concludes that except for some right-wingers outside the “mainstream” and politicians’ refusal to accept economists’ recommendations, little is the matter and Seven Bad Ideas constitutes “serial exaggeration.” I wish that it was so, but economists’ thinking, based on an ill-conceived view of human behavior and addressed to the wrong problem, is a powerful force in policy circles.

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