In a series of articles later collected in his book <italic>The Lost Art of Economics</italic>, David Colander argues that the dichotomous distinction of positive and normative economics has misled economists into treating applied policy economics as part of positive economics and hence adopting the methodology...

In 2007-2008, the world economy came perilously close to a systemic failure in which a financial system collapse almost undermined the entire world economy as we know it. These events have led some to fault the economics profession for its failure to predict the crisis, and to ask whether the...

Most economists will agree that Milton Friedman is a brilliant economist. Yet, the majority assessment is that his work is ideologically flawed, and that the Marshallian economics he advocates has been superseded by Walrasian economics. In this paper I argue that the reason for this negative...