The Uselessness Of Mainstream Economics...

I'm increasingly struck by how usless mainstream economics is at explaining how we got into this recession and how we are going to get out of again. I wrote a column for Bloomberg yesterday about deflation, wondering if it was as bad as it is made out. I got a huge response, nearly all agreeing with me. And yet this is a view that virtually doesn't exist in mainstream economics. There is something puzzling about how the profession has got so out of touch with commmon sense, particularly when you consider that common sense is usually right.