There have been frequent calls for a new approach to economics in the press. For this purpose, George Soros founded the “Institute for New Economic Thinking” (INET). I personally do not see this as a solution. Nobody knows what “new…
Economics as a cock fight In August last year, Raghuram Rajan, the current Head of the Indian Central Bank and previous Professor of Finance in Chicago, wrote an article that had attracted considerable attention about the “paranoid style” of economic…
These days economists have a bad reputation. And not only because almost all of their forecasts are wrong. They failed to predict both the financial crisis and the Euro crisis; indeed, most of them did not even have a vague…
With a Steady Hand 