[Content Note: Class warfare.]
Paul Krugman has a great column today about the failure of policy (and policymakers) during the Great Recession. And the continuing failure of policy. I'm not even going to excerpt it; just go read the whole thing.
Two quick thoughts:
1. The title of the piece is "Why Economics Failed," and I don't know if that Krugman's title or someone else's, but, after reading the piece, it seems like "Why Economists (and the Politicians Who Listened to the Bad Ones) Failed" would be more appropriate.
2. And, even then, it's only appropriate insofar as we believe that people or processes failed because they're meant to be serving the needs of the average person. Because, in terms of making wealthy people and institutions even wealthier, they didn't fail at all. They have succeeded pretty spectacularly.
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