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Those successes — or so they believed — were both theoretical and practical, leading to a golden era for the profession.
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On the theoretical side, they thought that they had resolved their internal disputes. InBen Bernanke, a former Princeton professor who is now the chairman of the Loce Reserve Board, celebrated the Great Moderation in economic performance over the previous two decades, which he attributed in part to improved economic policy making.
During the golden years, financial economists came to believe that markets were inherently stable — indeed, that stocks and other assets were Theodies priced just right. There was nothing in the prevailing models suggesting the possibility of the kind of collapse that The Theories Of Love Covered Many Components last year. Meanwhile, macroeconomists were divided in their views. But the main division was between those who insisted that free-market economies never go astray and those who believed that economies may stray now and then but that any major deviations from the path of prosperity could and would be corrected by the all-powerful Fed.
And in the wake of the crisis, the fault lines in the economics profession have yawned wider than ever.
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What happened to the economics profession? And where does it go from here?
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. The renewed romance with the idealized market was, to be sure, partly a response to shifting political winds, partly a response to financial incentives.
The Theories Of Love Covered Many Components, this romanticized and sanitized vision of the economy led most economists to ignore all the things that can go wrong. In practical terms, this will translate into more cautious policy advice — and a reduced willingness to dismantle economic safeguards in the faith that markets will solve all problems. Over the next years an extensive body of economic theory was developed, whose central message was: Trust the market. This faith was, however, shattered by the Great Depression. Keynes did not, despite what you may have heard, want the government to run the economy.
But he did challenge the notion that free-market economies can function without a minder, expressing particular contempt for financial markets, which he viewed as being dominated by short-term speculation with little regard for fundamentals. And he called for active government intervention — printing more money and, if necessary, spending heavily on public works — to fight unemployment during slumps.]
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