Waardeloze economen

Willem Buiter schrijft:

Most mainstream macroeconomic theoretical innovations since the 1970s have turned out to be self-referential, inward-looking distractions at best.

Research tended to be motivated by the internal logic, intellectual sunk capital and esthetic puzzles of established research programmes rather than by a powerful desire to understand how the economy works - let alone how the economy works during times of stress and financial instability.

So the economics profession was caught unprepared when the crisis struck.