Akerlof's Speech at AEA Meeting in Chicago
The NY Times today made it sound that the president of the American Economic Association's speech at this year's AEA conference in Chicago marks the end of the free-market economics which began with Milton Friedman in his 1968 AEA presidential speech. Judge for yourself, here's George A. Akerlof's speech.
It's pretty much well-known that the rubber hits the road in economics where it hits the peoples' pocketbook eg in regulation, taxation, spending, trade policy. Hopefully laissez-faire here wont be too effected, or, the people will suffer like, as it was said so long ago (even before Friedman), a road to serfdom.