Luigi Zingales has a very interesting paper entitled "Learning to Live With Not-So-Efficient Markets" that he published in Daedalus (Fall 2010).
Compare with my paper "What Happened to Efficient Markets."
Rajan and Zingales are consistently the economists who I find the most insightful throughout the recent policy debates over the Great Recession. In Rajan's response to Krugman's critique of Fault Lines, he argues that what Krugman fails to realize is how the very policy responses we are choosing are not getting us out of the crisis, but sinking us deeper into it. It was, Rajan argues, the policy response to the last crisis that created the conditions that caused this crisis. Zingales's home page at Chicago has a complete collection of his various papers, op-eds, commentary, etc. on the crisis. As he says in the preface to a collection of those, the past 2 years have been sad years for an economist who believes in the free enterprise system.
Make sure to read Zingales paper on "Capitalism After the Crisis", especially p. 33ff because he explains how free enterprise via very public choice type mechanisms became political capitalism, and that our current crisis is a consequence of political capitalism and the challenges that we economists have to face rhetorically and intellectually because of this.
Ultimately, what I think we are learning (if we care to learn it) from the crisis is the following:
(1) Keynesian responses (fiscal policy) to a perceived Keynesian crisis (aggregate demand failure) creates a Keynesian world of macroeconomic volatility;
(2) A monetarist response (monetary policy) to a perceived Keynesian crisis (aggregate demand failure) creates a Keynesian world of macroeconomic volatility;
(3) A neo-Keynesian synthesis response (fiscal and monetary policy activism) to a perceived Keynesian crisis (aggregate demand failure) creates a Keynesian world of macroeconomic volatility;
(4) 1-3 demonstrate the both the mythology of the Great Moderation as well as our response to the Great Recession has been the opposite of what we should be learning (see Selgin's recent EconTalk podcast for a discussion of the empirical record and the mythology of the Great Moderation).
(5) That the continued political efforts to prevent market corrections to a previous set of policy induced distortions turns those market corrections into an economy wide crisis, which in an interconnected world economy creates a Global Financial crisis.
Therefore, it is time to go back to pre-Keynesian economics and think seriously about the institutional framework (monetary and fiscal) that provides the pre-condition for individuals to realize the gains from trade, the gains from innovation, and create wealth and generalized prosperity. What we find is that this is about secure private property rights, freedom of contract, free trade, sound money, and fiscal restraint.