More bashing of the simplistic views of "Classical" Economics
By George Soros
Economics focus: Twin peaks | The Economist:
"In 1996, David Colander of Middlebury College, in Vermont, expressed his dissatisfaction with decades of economics by invoking a lofty analogy. He felt macroeconomists had clawed their way up a mountain, only to discover, when they broke through the clouds, that a neighbouring mountain would have taken them higher. On April 8th-10th Mr Colander joined many disgruntled economists at King’s College, Cambridge, for the inaugural conference of the Institute for New Economic Thinking (INET). The Institute is sponsored by the renowned investor George Soros. He has promised to spend $50m spread over ten years to help economists climb the right mountain."