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After the financial crisis the credibility of the economics profession took a major hit in the public eye. However, it is worthwhile to ask “what failed?” Is the theoretical underpinning of the profession structurally flawed or have some practitioners simply gone astray from the fundamental principles of economic analysis? Understanding what are the intellectual blind spots of economics and how they should be internalized is a key component of a fundamental shift in thinking that is required in the profession in order to responsibly move forward. The future of economics might be better served by avoiding the question of “which is the right model?” alternatively focusing on identifying “which model is appropriate for the specific task at hand.”
Dani Rodrik, Ford Foundation Professor of International Political Economy at the Harvard Kennedy School
Moderated by Tyler Cowen, Holbert L. Harris Professor of Economics at George Mason University and General Director of the Mercatus Center