Economics Bashing Wrong, Lucas

Does the financial crisis represent a failure of economics, both of macroeconomics and of financial economics? This criticism is widespread and fashionable nowadays, but wrong. Nobel laureate and Chicago economist Robert Lucas explains very convincingly why in an article published by The Economist here . The efficient market hypothesis is not disproved, on the one hand, and mainstream macroeconomic modelling has been mostly useful and not off the mark, on the other hand, contrary to what critics and journalists have claimed. A must read.