Economic orthodoxy: where vision goes to die

Econ4’s Gerald Friedman laments the blindness of orthodox economics:

When I conducted an assessment of Senator Bernie Sanders’ economic proposals and found that they could produce robust growth, the negative reaction among powerful liberal economists was swift and vehement. How much, I wondered, did this reflect personal disappointment being rationalized into a political economy of despair? Professional economists tend to embrace an economic theory that government can do little more than fuss around the edges. From that stance, what do they have to offer ordinary people for whom the economy is not working? Not a whole lot.

Read Friedman’s full piece here.

PS: The debate on the Sanders proposals between Friedman and his critics is recapped here and here.