Economics is a field where the information changes little from year to year? I’m currently revising the macroeconomic chapters — and everything has changed.
We’ve gone from a world in which recessions were mostly generated by the Fed to control inflation to
a world in which bursting financial bubbles lead the way,
from a world in which discretionary fiscal policy was considered uncouth to
one in which both parties feel it’s essential,
from a world in which central banks were considered omnipotent to
one in which my former department chairman is trying desperately to get some traction —
and all of this has happened in just a few years.
http://krugman.blogs.nytimes.com/2008/04/25/changeless-economics/