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2019-10-09

Why do economists continue to get it so wrong? Lucas

Five years before the financial meltdown of 2008, Robert Lucas famously declared that “the central problem of depression-prevention has been solved . . . and it has been for many decades”.

Lucas, whose Chicago School housed the high priesthood of mathiness, won a Nobel Prize for his rational expectations theory. It demonstrated that the market was always right.

“Policymakers at the start of 2019 seem to be just as out of touch with what is going on outside the big cities as they were as the great recession was nearing,” writes Blanchflower.

The Economists’ Hour: False Prophets, Free Markets, and the Fracture of Society, by Binyamin Appelbaum

Not Working: Where Have all the Good Jobs Gone?, by David Blanchflower

Capitalism, Alone: The Future of the System That Rules the World, by Branko Milanovic

Edward Luce FT 9 October 2019

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