What do economists know?

A couple of years ago, John Cassidy of The New Yorker interviewed leading economists from the Chicago School and related institutions, in the wake of the financial meltdown. It’s an interesting set of conversations with a group who collectively didn’t quite see it coming, and can’t quite manage to adjust to the fact that it did. By way of a contrast, I just came across this piece, originally from 2009, by James Galbraith, naming names of those economists who, as he puts it, ‘got it right’. This includes Marxists like Harvey, Brenner, and Meiksins Wood (‘habitual cassandras’), as well as more mainstream economists such as Wynne Godley and Dean Baker. The older I get, the more I think the only useful qualification I have is A-level Economics (as taught by a Guardian reading, William Keegan recommending teacher). Speaking of which, here is Galbraith being rude about Milton Friedman and the legacy of monetarism.