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How do Economic Crises End?

and other pointed questions

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Posted in Contemporary economics, Newspapers Tagged with: , ,

Economists are occasionally accused of physics envy, because some of the mathematical language they use to describe, say, the interdependence of supply and demand was originally devised to explain equilibrium in celestial mechanics. In the current crisis, economists may be suffering from physician envy.  Every day brings reassuring new evidence of the depth of knowledge that life scientists, public health experts and medical doctors are bringing to bear on the COVID-19 pandemic. Economists have ample reason to be proud of themselves.  I can’t prove it, but I can demonstrate to anyone willing to learn, thanks to a regular series of