Far be it for me to suggest that the economics profession is or should be in crisis — introspection has never been the economist’s strong suit — so I won’t.
But these far more qualified commentators do in a piece whose title says it all: The Financial Crisis and the Systemic Failure of Academic Economics.
Read’em and weep as they say. To which I would only add, hopefully (I’ve been burned before) : RIP Neo-Classical and Neo-Keynesian economists. We knew you all too well.
With Love and in hopeful solidarity,