But academic economists are. And with very few exceptions, they did not predict the crisis, either. Some warned of a housing bubble, but almost none foresaw the resulting cataclysm. An entire field of experts dedicated to studying the behavior of markets failed to anticipate what may prove to be the biggest economic collapse of our lifetime. And now that we are in the middle of it, many frankly admit that they are not sure how to prevent things from getting worse.
Blindsided by crisis, economists rethink profession along with theories
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