David Altig at macroblog has joined the fierce discussion of the problems in theoretical economics related to the complete failure in prediction of the current crisis. The economic profession is very reluctant to recognize (not admit) the inconsistency of the mainstream ideas and tools.
Briefly, our approach has been formulated in the article "Does economics need a scientific revolution?" as a reaction to the article by J.-P. Bouchaud "Economics need a scientific revolution" in Nature.
Our research, as a whole, is a quantitative alternative to the mainstream economics. This blog highlights relevant results.