A Reckoning is Now in Order
For the Economics Profession
'The financial crisis has killed the claim that economics deserves to be treated as a science. The measure of a science is its capacity to explain, predict and prescribe. And most economists not only failed to anticipate the nature and evolution of the catastrophe, but their conflicting recommendations on how to stabilize the situation exposed the unreliability of their knowledge. As much as Wall Street and Main Street, the economics profession needs a bailout of its own.'
--from a pungent essay (alas, not online) in the current issue of Foreign Policy magazine, by editor-in-chief Moises Naim.