The students, I think, understand more than their professors. Economics students are saying that "the dominance of narrow free-market theories at top universities harms the world's ability to confront challenges such as financial stability and climate change" and are calling for a change in how economics is taught. "The crisis has laid bare the latent inadequacies of economic models. These models have failed to make sense of the sorts of extreme macro-economic events, such as crises, recessions and depressions, which matter most to society." Not to mention things like climate change and pervasive surveillance, to name a couple. Here is the students' manifesto. Via Sheri Oberman (thanks!)
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