When economists disagree

Economists are arguing over how their profession messed up during the Great Recession. This is what happened.

Over the past two weeks, academic economists (and a couple of bystanders) have been arguing about why economics wasn’t able to guide policy better during the Great Recession. Some blame nonacademic economists. Others blame prominent academics. Others still say that economic advice doesn’t really matter, because politicians will pay attention only to the advice that they wanted to hear anyway. John Quiggin and I have a forthcoming article in International Studies Quarterly that tackles this question, asking why politicians were influenced by a key group of economists early in the Great Recession but not in the later part. ….[READ]