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eBook details

• Title: Smith Versus Keynes: Economics and Political Economy in the Post-Crisis Era.
• Author : Harvard Journal of Law & Public Policy
• Release Date : January 22, 2010
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 289 KB

Description

INTRODUCTION Alongside politicians, bankers, and CEOs, few groups have received as much opprobrium for the 2008 financial crisis as economists. "Economists are the forgotten guilty men" was the phrase employed in February 2009 by Anatole Kaletsky, editor-at-large for the London Times, when explaining why "a bank with just $1 billion of capital [would] borrow an extra $99 billion and then buy $100 billion of speculative investments." (1) Self-indulgence and imprudence had a part, but so too, Kaletsky asserted, did those economists who insisted that their models "proved" that occurrences such as Long Term Capital Management's demise in 1998 or Lehman Brothers's collapse almost exactly ten years later were mathematically likely to happen only once every billion years. (2) Kaletsky's wider claim was that mainstream economics had been so discredited by the financial crisis that economics itself required an "intellectual revolution" or risked being reduced to a somewhat suspect sub-branch of mathematical modeling and statistical analysis.

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