Tuesday, October 13, 2009

Will the crisis change economics?

Q. In your view, what can save economics?

A. I am very pessimistic about whether we can actually pull out of this. I think we have created a locomotive. This is the sociology of the economics profession. We have created a monster that is very difficult to stop.

Q. Could real-world empirical facts or a severe economic cataclysm change it?

A. That would certainly change it, but I do not see that around the corner. Perhaps I am too pessimistic, and it is very depressing to stay there. There does not seem to me to be any way out.

(Mark Blaug, The problems with formalism – Interview with Mark Blaug, Challenge, May-June 1998)