Mainstream economics and specially macroeconomists have been highly critized due to the current crisis.
In this article, professor Lucas explains why the market hypothesis is “efficient” even in the current crisis by explaining the actual meaning of Fama’s work. Furthermore, he explains how these so badly critized models actually work by intaking information at everytime. Few people recognize that Bernanke’s actions, thanks to the outcome of these models, prevented a worse situation for the current crisis. So, are the mainstream macroeconomists really that useless? Must-read article.
http://www.economist.com/businessfinance/displaystory.cfm?story_id=14165405
Observing Economics 