The Dismal Science

Economics is a fascinating field, unfortunately dominated ideologically by a specific theory, with no evident empirical superiority over its competitors.

It is always refreshing, thus, to find economists trying to break the confines of such iron circles and move ahead: Time to stop following defunct economic policies.

A selected quote: "(…) the ‘old ideas that have been proved wrong,’ including inflation targets, self-stabilizing markets, and rigid separation of monetary and fiscal policy, remain dominant where they are most dangerous — in the macroeconomic analysis of finance ministries and central banks. Overcoming these old ideas will require new thinking about politics and not just economics.".

How many more victims will the "old ideas that have been proven wrong" will claim before they are acknowledged as such?


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