Why Krugman needs a new school of thought

Steve Keen responds to a recent blog from Paul Krugman.  He paraphrases Paul Krugman’s post as:

No need for change, boys and girls: main­stream eco­nom­ics has every­thing under con­trol. We missed the cri­sis just because we failed to observe the shenani­gans in the shadow bank­ing sys­tem. Once we realised our obser­va­tional errors, we had all the nec­es­sary tools and knew what to do (oh, and what the rebels said would hap­pen didn’t any­way, so there!). The sta­tus quo is fine: move along folks, noth­ing to see here…

For a more complete look at the arguments (and the full blog from Paul Krugman) go to the full Australian Business Spectator article Why Krugman needs a new school of thought

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