Banks, home builders, and auto manufacturers are not the only ones going belly-up these days. If we may credit Louis Uchitelle’s January 7 report in the New York Times, mainstream economists have, in effect, declared their intellectual bankruptcy. According to Uchitelle, Frightened by the recession and the credit crisis that produced it, the nation’s mainstream economists are embracing public spending to repair the damage — even those who have long resisted a significant government role in a market system. . . . Hundreds of economists who gathered here [in San Francisco] for the annual meeting of the American Economic Association … Continue reading Another Bankruptcy