Washington Post

'Can-do' economics

The discipline of economics is going through some well-deserved turmoil. From Queen Elizabeth's plaintive "Why did nobody notice it?" query to British economists regarding the 2008 financial crisis to the long overdue recognition of gender and racial imbalances within our ranks, to the admission that we don't know, within a policy-relevant interval, many of the economy's key parameters, economists have realized we have a great deal of work to do.

There's been a spate of recent books and articles trying to understand where economics went wrong and to offer a new path forward, in the sense of structuring the economy in ways that have greater potential to improve overall social well-being. As I've been paging through these analyses, I've been struck by what I think and hope is the promise of a fundamental change in the practice of economics...

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