View source for Paradigming Is Hard/useful

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[[Category:Paul Krugman]]
[[Category:Economics 101]]
[[Category:Market Failure]]
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| text = So how do you do useful economics? In general, what we really do is combine maximization-and-equilibrium as a first cut with a variety of ad hoc modifications reflecting what seem to be empirical regularities about how both individual behavior and markets depart from this idealized case. [...]  But here’s the thing: economists have done their work this way for generations. So it’s really not a new paradigm. If anything, the true new paradigm was the attempt to justify everything with maximization and equilibrium -- but that’s the paradigm that failed.
| cite = [[Paul Krugman]], "[http://krugman.blogs.nytimes.com/2014/04/28/paradigming-is-hard/ Paradigming Is Hard]"
}}