Voici an article by Paul Krugman in the NYT. It, in turn, led to a bunch of interesting, and long, responses - each worth reading. Here at Worthwhile Canadian Initiative, here and here.
As well as Economic Principals.
Krugman seems to have a cynical view on human rationality. "How could we have got it so wrong" questions apply in all sorts of fields and domains. In sports, we often egg on scouting departments for not drafting the right players - in hindsight of course. "How could they have missed that guy!"
He also seems, in this long and broad polemic, to pin it all misguided positiveness and the inability to deal with depressions on one group: proponents of market efficiency.
All I know is Krugman argued in favor for the bail outs. Not my bag of camomile that view.
Read it for yourself. Be forewarned. Some of it is hard language and Krugman's article is 8 pages long.
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