How Did Economists Get It so Wrong Abstract

In: Business and Management

Submitted By ellocodelakalle
Words 793
Pages 4
Introduction

How did economist get everything so wrong? This question is a great question to ask and if you ask the author of the article that was published on the New York Times in September 2, 2009, Mr. Paul Krugman. His response would be that is the economist own fault and problem to why in 2008 the economy fail and we went on a recession. The reason to why he says that it is the economist own fault to why we went on recession was that the economist thought that they had figured out the perfect economy policy due to their research and mathematical formulas that made them think that they had solved the mystery of a perfect non recession economy. So what I mean is that in a way they thought there research and thoughts were bullet proof of recessions and even worse another great depression. Furthermore, in this article Paul goes into deep detail to why economists are the way they are and also if they would ever change their beliefs in the future. However Paul does mention in this article that there are very few economist that did predict that a recession would happen in the future, but due to the fact of hoe cocky economist were with their formula an research that they actually laughed at the these few economist, but at it is said whoever laughs last laughs better.
Article Background

In this article Paul gives a total description of how we reached our recession in 2008 and he starts giving out details from the history of economy and how the first great depression happened in the 1930’s. Paul explains that since the term economy was created economists have always tried to keep a stable economy throughout history, by creating different policies such as the monetary policy and the fiscal policy to keep an economy afloat. However he also explains that economist have also used disciplines that other economist have written in order to keep the economy…...

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