Paul Krugman, the champion of inertia

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In his lat­est blog, Paul Krug­man slings off at non-main­stream econ­o­mists — and the stu­dents at Man­ches­ter Uni­ver­si­ty cam­paign­ing for change to the eco­nom­ics cur­ricu­lum — for want­i­ng fun­da­men­tal change in eco­nom­ics. para­phras­ing his argu­ment, it is:

No need for change, boys and girls: main­stream eco­nom­ics has every­thing under con­trol. We missed the cri­sis just because we failed to observe the shenani­gans in the shad­ow bank­ing sys­tem. Once we realised our obser­va­tion­al errors, we had all the nec­es­sary tools and knew what to do (oh, and what the rebels said would hap­pen did­n’t any­way, so there!). The sta­tus quo is fine: move along folks, noth­ing to see here…

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