A third reaction to the crisis is to refrain from indictment of the global orthodoxy, and instead suggest that since the crisis was eminently a “macroeconomic” event, the onus for failure must be narrowly restricted to that subset of the profession tasked with study of the macroeconomy; and furthermore, the correct response is to simply jettison the paradigmatic model found in contemporary macroeconomic textbooks, the so-called Dynamic Stochastic General Equilibrium (DSGE) model. The crisis, for this cadre, does not portend anything remotely like the “death of economics,” but just a garden-variety “model failure”: so replace the model. … But this option does even more directly call into question the commonplace notion that economists can learn from their mistakes.

Philip Mirowski, Never Let a Serious Crisis …, loc. 779