Movies Books Music Food Tv Shows Technology Politics Video Games Parenting Fashion Green Living more >

Lunch » Tags » Politics » Reviews » Finance Gone Wild » User review

A series of articles describing how economists didn't see the problems in the financial system in the early 21st century

< read all 1 reviews

Why the Economists Didn't See It Coming: Three Articles to Answer the Queen's Questions

  • Sep 10, 2009
  • by

Much work at the moment so the post today comes courtesy of my favourite economist who strongly recommends two recent articles in The New York Times. The first is a long piece by Paul Krugman entitled “How Did Economists Get It So Wrong.” In it the Nobel prize winner writes about the bad turn the profession took a couple of decades ago in going gung-ho for the Chicago School. Lee qualifies the article as “predictable” but then he’s been studying the stuff all his life. For me, it was simply eye-opening.

The other article is by Simon Johnson and was published a week ago. Entitled “Finance Gone Wild,” it begins a little like one of those economics lectures you had trouble staying awake in. But persevere because there’s valuable ammunition in it.

They're companion documents to a three page missive sent by British economists to Queen Elilzabeth after she asked why no one saw the crisis coming. Like Krugman and Johnson they blame "a failure of the collective imagination of many bright people."

Is this a case of a Monarch wanting to know why so few saw the problems with the Emperor's new clothes?

What did you think of this review?

Fun to Read
Post a Comment
September 16, 2009
Paul Krugman is great, as with his columns on NY Times. History will always repeat itself as human nature hardly changes over the century. We'll see another one in no time!
About the reviewer

Ranked #90
Mary Soderstrom is a Montreal-based writer of fiction and non-fiction. Her new collection of short stories, Desire Lines: Stories of Love and Geography, will be published by Oberon Press in November, … more
Consider the Source

Use Trust Points to see how much you can rely on this review.

Your ratings:
rate more to improve this
About this topic



Politics, Economics, Paul Krugman


© 2014 Lunch.com, LLC All Rights Reserved
Lunch.com - Relevant reviews by real people.
This is you!
Ranked #
Last login
Member since