¿Cómo es que los Economistas Fallaron? Krugman Opina

En un artículo que aparece en Magazine del NYT titulado How Did Economists Get it So Wrong? y firmado por P. Krugman se detalla su opinión en el debate que se desarrolla en la academia de los economistas en relación a la teoría económica y en particular en la macroeconomía y las finanzas. Seguramente sacará muchas chispas este ensayo, algo extenso, que vale la pena revisar. Una visión crítica a planteamientos como la hipótesis de los mercados eficientes, los supuestos de racionalidad y de funcionamiento de los mercados, así como el papel de la teoría keynesiana y sus prescripciones de política. Una revisión al debate entre los economistas de agua salada y aquellos de agua dulce. Una probadita

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...As I see it, the economics profession went astray because economists, as a group, mistook beauty, clad in impressive-looking mathematics, for truth. Until the Great Depression, most economists clung to a vision of capitalism as a perfect or nearly perfect system. That vision wasn’t sustainable in the face of mass unemployment, but as memories of the Depression faded, economists fell back in love with the old, idealized vision of an economy in which rational individuals interact in perfect markets, this time gussied up with fancy equations. The renewed romance with the idealized market was, to be sure, partly a response to shifting political winds, partly a response to financial incentives. But while sabbaticals at the Hoover Institution and job opportunities on Wall Street are nothing to sneeze at, the central cause of the profession’s failure was the desire for an all-encompassing, intellectually elegant approach that also gave economists a chance to show off their mathematical prowess.
Unfortunately, this romanticized and sanitized vision of the economy led most economists to ignore all the things that can go wrong. They turned a blind eye to the limitations of human rationality that often lead to bubbles and busts; to the problems of institutions that run amok; to the imperfections of markets — especially financial markets — that can cause the economy’s operating system to undergo sudden, unpredictable crashes; and to the dangers created when regulators don’t believe in regulation....