February 27, 2009

Why Economists Are Part of the Problem

By STEPHEN A. MARGLIN

I am one of the last members of an anomalous generation of economists who came of age in the period from the Great Depression and World War II to the antiwar movement of the 1960s. What made this generation anomalous was that its leaders — including such Nobel laureates as Jan Tinbergen, Paul A. Samuelson, James Tobin, and Kenneth J. Arrow — included a disproportionate number who were aware not only of the virtues of a market system but also of its limitations. Of

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