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How Economics Survived the Economic Crisis

Paul Krugman. His answer to Queen Elizabeth II’s now-famous question: “Why did no one see it coming?” 

Krugman’s cheerful response is that the New Keynesians were looking the other way. Theirs was a failure not of theory, but of “data collection.” They had “overlooked” crucial institutional changes in the financial system. 

While this was regrettable, it raised no “deep conceptual issue” – that is, it didn’t demand that they reconsider their theory.

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