ECONOMIC AFFAIRS: Why economists failed to predict 2007/08 meltdown*

The 2007/08 global financial crisis (GFC), which almost demolished the world’s financial system, must sooner or later reshape the way we should evaluate politics and economics.


William R. White 

Finance and the real economy — the latter being that part of the economy that actually produces goods and services — will eventually “recover” in some way; but it won’t be a return to the kind of economics and politics which existed bef…

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