Added on January 1, 2009
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Anan Greenspan , Barack Obama , Boston Globe , Depression , derivitives , economic crisis , economists , Economy , Lawrance Summers
Most Economists Understand Neither The Cause of Nor The Solution To The Financial Crisis
As many writers have tried to point out, mainstream economists understand neither the cause of nor the solution to the financial crisis.
As an article this week in the Boston Globe notes:
Many [economists] frankly admit that they are not sure how to prevent things from getting worse.
“We have a very restrictive set of language and tools, and we tend to work on the problems that are easily addressed with those tools,” said Jeremy Stein, a financial economist at Harvard. “Sometimes that means we focus on silly questions and ignore greater ones.”
