Macroeconomic Theory, Evidence, and Changed Minds: A Bleg
By Art Carden
Without digging deeply into the conversation, my sense is that a lot of economists and public intellectuals saw the financial crisis and the slow recovery as a confirmation of a lot of things they already believed. For textbook Keynesians, it was a vindication of textbook Keynesianism. For Austrians, it was a vindication of Mises and Hayek and evidence that theirs should be a textbook theory, too.
Where are there examples of people changing their minds as a result of the events of the last 5-7 years? Richard Posner is probably the most prominent example of someone who changed his mind. Where are there other examples of scholars and public intellectuals who have changed their minds in response to the financial crisis and ensuing recovery?