Recently, Nobel Prize-winning economist Paul Krugman wrote a very interesting, in-depth article on the recent economic collapse and economists’ part in the failure. His full article (which we highly recommend) can be found here: http://www.nytimes.com/2009/09/06/magazine/06Economic-t.html
Krugman’s introduction presents a valuable synopsis of the problem:
As I see it, the economics profession went astray because economists, as a group, mistook beauty, clad in impressive-looking mathematics, for truth. Until the Great Depression, most economists clung to a vision of capitalism as a perfect or nearly perfect system. That vision wasn’t sustainable in the face of mass unemployment, but as memories
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