Inequality and Stagnation by Policy Design: Mainstream Denialism and Its Dangerous Political Consequences
This important paper argues that the mainstream economics profession has utterly failed to address the financial crisis and ensuing stagnation. The author makes a direct assault on the defensiveness of mainstream economics today. To the contrary, he argues, mainstream policies contributed significantly to the economic shocks. Constructive critiques of policy have been made in light of events, but there has been overwhelming mainstream resistance to such ideas. This critique of mainstream economists is not about “values” or lack of “change.” It is about academic practice that suppresses ideas that are threatening to its survival.