On the first anniversary of the collapse of the Lehman Brothers bank, many people are asking how much policy-makers and economists, looking back, are prepared to admit what precisely went wrong and how it might be corrected.The inspiration for this article comes from distinguished US economist Professor Paul Krugman’s recent essay, “How did economists get it so wrong?” (New York Times magazine, September 6, 2009). It will be recalled that Krugman was awarded the Nobel Prize for Economics in 2008…
