discussion board
what are the flaws of economic profession?
Solution
The Global Financial Crisis, also known as the Great Recession, is the biggest economic malfunction since the Great Depression. You might think that those in charge when it happened, and those who designed the economic system within which it occurred, would have been chastened and purged, to be replaced by those who saw the crash coming and those who warned that the design of the economic system was prone to such failures.
However few of those responsible have been purged, and few seem to have felt chastened. Rather, they claim that no-one could have seen the crash coming. If that were true, what exactly has the economics profession been doing for the past eighty years? Everyone knows there was a Great Depression. Would it not be a top priority to figure out how it happened, so we might see the next one coming, or better still avoid the conditions that would trigger a depression? One might think so, but that is not how the great bulk of the profession has spent the past eighty years.
The result is they didn
.
discussion board what are the flaws of economic profession-SolutionThe.docx
1. discussion board
what are the flaws of economic profession?
Solution
The Global Financial Crisis, also known as the Great Recession, is the biggest economic
malfunction since the Great Depression. You might think that those in charge when it happened,
and those who designed the economic system within which it occurred, would have been
chastened and purged, to be replaced by those who saw the crash coming and those who warned
that the design of the economic system was prone to such failures.
However few of those responsible have been purged, and few seem to have felt chastened.
Rather, they claim that no-one could have seen the crash coming. If that were true, what exactly
has the economics profession been doing for the past eighty years? Everyone knows there was a
Great Depression. Would it not be a top priority to figure out how it happened, so we might see
the next one coming, or better still avoid the conditions that would trigger a depression? One
might think so, but that is not how the great bulk of the profession has spent the past eighty
years.
The result is they didn
