An Intellectual Bailout

We must add another field to the list of those in need of rescuing -- economics itself.

BY MOISÉS NAÍM | JANUARY 5, 2009

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....

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Moisés Naím is editor in chief of Foreign Policy.

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