The Treason of the Economists
There is increasing agreement that four factors interacted to cause the current economic slump: financial innovation, global macroeconomic imbalances, cheap money, and the wrong theory of financial markets. But if we are going allocate blame, economists deserve more of it than anyone else, for they established the ideas that bankers, politicians, and regulators applied.
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LONDON – All epoch-defining events are the result of conjunctures – the correlation of normally unconnected events that jolt humanity out of a rut. Such conjunctures create what the author Nassim Nicholas Taleb calls “Black Swans” – unpredictable events with a vast impact. A small number of Black Swans, Taleb believes, “explain almost everything in our world.”