Letter from the Editor

摘要

Allow me some editorializing. Economic ideology has let the world down. Orthodox beliefs in inflation targeting, financial deregulation, austerity economics, the magic of competition in subduing speculative bubbles, the non-expensing of corporate stock options, the policy failures of Keynesianism-the list goes on. All these are the products of an economic ideology deeply based in the near-perfection of the workings of general equilibrium theory. Adam Smith, I assure you, is turning over in his grave. The financial crisis and the Great Recession were a consequence, but the economy had not done well for a generation before them.