The soul of economics: editorial.

Debates in economic policy Much soul-searching in the wake of the Financial Crisis was centered around the question of whether economics and economists can be trusted, respectively, as a science, and as advisors. This ongoing interest among economists, historians and philosophers of economics speaks to the observation that the crisis has renewed those debates and that economics has not yet come to rest. The general criticism that economics failed in predicting the Financial Crisis, explaining its occurrence, and enabling policy recommendations for not only remedying but also preventing such crises in the future was specifically directed at DSGE models based on New Keynesian economics (Galí, [11]; Stiglitz, [20]). Dow identifies a difficulty in this claim by relying on an unjustified distinction between value-laden and ideologically charged heterodox economics and value-free mainstream economics that Hoover seems to embrace with his dismissal. [Extracted from the article]