"Nonetheless, as Paul Krugman’s popular writings have indicated,economists’ confidence in their ability to guide the economy and to advance the commonweal had significantly weakened after Heller’s 1965 Godkin Lectures, mentioned earlier. The discovery of the “natural rate of unemployment” and development of the theory of rational expectations revealed the limitations of economists’ macroeconomic policy tools.[The doctrine of rational expectations posits that the market will always anticipate government policy and will neutralize its intended effects.] Moreover, Krugman bemoaned the fact that “policy entrepreneurs” frequently displaced economists in providing economic advice to society. Referring to supply-side economics and other questionable economic doctrines, Krugman, using less than elegant words, suggested that a major task for economists must be “to flush such economic cockroaches down the toilet."
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Robert Gilpin, Global political economy : understanding the international economic order, Ch 3. The Neoclassical Conception of the Economy.
https://en.wikiquote.org/wiki/Rational_expectations
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