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Behavioral Economists will play a huge new role. People are beginning to realize Economics is much more like Sociology than previously thought ...and much less like Physics than they imagined.
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Every Economic textbook will be re-written in the next 5 years. 1) Keynesians failed because we accumulated massive debt in the good times which tied our hands in the bad times (or will). 2) Monitarists fail because the government won't bypass the banks (i.e. black holes of debt) to lend directly creating the multiplyer effect. 3) Austrians fail because politicians who embrace it don't get elected. 4) Efficient market theory is like believing in Santa Clause at this point.
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May 17, 2010