How Economics Professors Can Stop Failing Us

“Because the book is almost totally critical and contains suggestions for improvement only in the concluding chapter, I think a more appropriate title for it might be “Why Mainstream Economics Professors Are Not Contributing to Useful Knowledge, and a Few Suggestions for Improvement.” There is much anger and outrage expressed by the author in the course of his argument, and yet the book is not just a polemic. If Payson’s critique is on the mark, the question of what to do is certainly an important one. Economic policy makers face a host of real world problems and need guidance in the face of them. What they get instead in some important instances is uncomprehending surprise followed by excuses and panic—a prime example being the mainstream economics profession’s response to the financial meltdown now termed “The Great Recession.” The result of that Federal Reserve-fueled debacle was the most simple-minded Keynesian money dump in decades, and with no end in sight at this writing.”