The Perils of Prophecy

Historically-minded economists have reason to be proud of their analyses over the past five years. But, for all that they understood about the causes and consequences of financial crises, several important developments still need to be explained.

BERKELEY – We economists who are steeped in economic and financial history – and aware of the history of economic thought concerning financial crises and their effects – have reason to be proud of our analyses over the past five years. We understood where we were heading, because we knew where we had been.

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