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Monday, July 27, 2009

Whatever Queeny Wants, Queeny Gets

Apparently scores of British economists decided they should apologize to the Queen for the financial crisis. I applaud that. Mainstream economists should own up to their massive failure. Such honesty would, of course, never come forth in US.

But, I disagree that the failure to predict the crisis was a failure of "collective imagination." It wasn't the lack of realizing the problem by itself that failed to stall the crisis, it was the complete lack of acknowlegment of scores of others that DID realize there was a problem (and of those that WERE speaking about it) by mainstream economists. It wasn't the lack of collective imagination. It was an abundance of collective segregation and of (by keeping out heterodox voices), of collective arrogance (for thinking other fields and lesser accepted models had nothing to offer).

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