Jan 6, 2016 04:57 AM
https://www.project-syndicate.org/commen...ni-2016-01
EXCERPT: Imagine that you fell asleep in 2006 and woke up today. The world economy would be barely recognizable. While you were dreaming of real-estate riches, the United States and Europe were hit by the most crippling financial crisis in almost 80 years, and China’s statist economy swiftly overtook Germany and Japan to become the world’s second largest (and, despite its recent slowdown, is poised to surpass the US). Given such massive, unexpected shifts, you might be even more surprised by what didn’t change: the way economists think about themselves and their discipline....
EXCERPT: Imagine that you fell asleep in 2006 and woke up today. The world economy would be barely recognizable. While you were dreaming of real-estate riches, the United States and Europe were hit by the most crippling financial crisis in almost 80 years, and China’s statist economy swiftly overtook Germany and Japan to become the world’s second largest (and, despite its recent slowdown, is poised to surpass the US). Given such massive, unexpected shifts, you might be even more surprised by what didn’t change: the way economists think about themselves and their discipline....