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Mainstream economists considered the great 2008 financial crisis an unforeseen – and indeed unforeseeable – shock.

This interpretation was useful, because it protected those who held it from the charge that they should have seen the crisis coming and acted to prevent it. 

But one cannot really fault mainstream economists for taking this position. To do otherwise would have been to cast doubt on the intellectual primacy of their creed. 

It was necessary, therefore, that those who actually did foresee the crisis – and there were many, some on the academic fringes and others in finance – should be ignored.

Fundamental questions about the future of the world’s dominant economic model

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