A Lesson in Economics from Iceland when will we learn? Paul Krugman's article The Big Fail got me thinking... this can't be THAT hard to understand! I've been hearing this for 12 years now, and I'm sure economists have known this for much longer. But when will our policy makers understand? Oh, and now the IMF is getting in on the action with this piece: Iceland's Unorthodox Policies Suggest Alternative Way Out of Crisis. Its funny how the IMF gives itself credit for something Iceland did despite the IMF's initial hesitation.