I think it is more that this time round, economics as a &quot;school&quot; is quite a bit more entrenched.<p>Keep in mind that during the great depression you had fascists in Italy and Germany, and communists in Russia.<p>Now the fascists have gone underground, and the communists have imploded.<p>All this gives the current mainstream economic thinking an air of correctness that it didn&#x27;t have back then, by &quot;virtue&quot; of being the last system standing.<p>Sadly what is happening now is the rearranging of deckchairs on a sinking ship.<p>The big names of economics are arguing about where, if at all, the &quot;frictions&quot; are to be found in their models.<p>This while basically ignoring that the world right now is in the biggest private debt hole since the great depression, because they think that debt and savings are one and the same (and therefore sum to zero).