Why Krugman needs a new school of thought

There is a need for a drastic change to the core of economic thinking, but Paul Krugman's misguided defence of mainstream theory will make dislodging the orthodoxy difficult.

In his latest blog, Paul Krugman slings off at non-mainstream economists -- and the students at Manchester University campaigning for change to the economics curriculum -- for wanting fundamental change in economics. The status quo is fine, he reckons: move along folks, nothing to see here. Says Krugman in his latest post, Frustrations of the Heterodox:

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