The Closed Marketplace of Economic Ideas
The global economy has undergone massive, unexpected shifts during the past decade, with the US and Europe wracked by crisis and statist China poised to have the world's largest GDP. Given this, one might be more surprised by what hasn’t changed: the way economists think about themselves and their discipline.
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MILAN – 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).