The discipline of economics has an enormous presence in modern society. Hundreds of articles compete for the attention of thousands of academics employed to teach economics in college classrooms. Every year dozens of new books on economics fill the shelves of libraries and bookstores.
Yet, economics as practiced today has become a failed project. The economic downturn of 2007–2009 and then the downturn that was brought about by the COVID outbreak—along with the policies implanted in response to them—represent catastrophic failures in economic analysis.
Economics, nevertheless, also has logical and factual content of enormous value. The problem does not lie, therefore, with economics itself. The problem lies ...
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