An easy to read and interesting review of a book  by Jeff Madrick, Seven Bad Ideas: How Mainstream Economists Have Damaged America and the World. A controversy which, with different examples, is 100% applicable to the Spanish situation.

“Many economists teach—and a number extol—the efficient markets hypothesis, which Madrick offers as another bad idea. That theory undergirded many of the derivatives that did so much harm once the housing bubble burst. If the sins of the sons can be visited on the fathers (yes, they were mostly men), economists bear part of the blame.”

What’s the Matter with Economics

Alan S. Blinder is the Gordon S. Rentschler Memorial ­Professor of Economics and Public Affairs at Princeton. He was Vice Chairman of the Board of Governors of the Federal Reserve between 1994 and 1996. His most recent book is After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead.
 (December 2014)