Freitag, 11. September 2009

Eichengreen on Predicting the Crisis

Barry Eichengreen schreibt über die Illusion der "Großen Moderation" und warum die breite Masse die Krise nicht hat kommen sehen. Sein Resumee:
"The problem was not an inability to imagine that conflicts of interest, self-dealing and herd behavior could arise, but a peculiar failure to apply those insights to the real world."
Nebenbei schreibt er einen Absatz, der sich wie ein Beitrag zum deutschen Ökonomenstreit liest:
"Not surprisingly, the best students have responded. The top young economists are, increasingly, empirically oriented. They are concerned not with theoretical flights of fancy but with the facts on the ground. To the extent that their work is rooted concretely in observation of the real world, it is less likely to sway with the latest fad and fashion. Or so one hopes."

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