The Existential Crisis of Mainstream Economics

Shuttered machine shop, Portland, Oregon. Photo: Jeffrey St. Clair.

Had I not read Angus Deaton’s Economics in America: An Immigrant Economist Explores the Land of Inequality, I would not have learned that one of the most devastating blows to the economics profession was delivered by the film Inside Job, which won the Oscar for Best Documentary in 2011. The movie directed by Charles Ferguson tried to explain the 2008 global financial crisis in popular terms, and it succeeded, garnering...