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How and why economics forgot Keynes’ warnings on panics - Akerlof

The real world is hideously complex. So too are people. If economists are going to tell us anything about either, then they must resort to abstraction.

The trouble is what happens when what you choose to leave out one of the things that ends up mattering the most?

Nobel Prize winning economist George Akerlof does a brilliant job of explaining how and why, in the decades before the financial crash, macroeconomists failed to include any meaningful role of the financial system in their economic models.

Claire Jones FT Alphaville 5 November 2015

What They Were Thinking Then: The Consequences for Macroeconomics

Five years before the financial meltdown of 2008, Robert Lucas famously declared that “the central problem of depression-prevention has been solved . . . and it has been for many decades”.

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