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Sunday, February 19, 2012

You Know Economics Is Changing When...

Gary Becker says:
The Great Recession reinforced the lesson of prior panics and financial crises, lessons forgotten during the Great Moderation from about mid 1980s to 2006, that the financial sector has a fundamental built-in instability.
I have a really hard time thinking he would have thought this, let alone said this, pre-2007

7 comments:

MrIlir said...

Things will change even more when the dirty little secret of neoclassical economics is exposed. A former PhD econ student at the U. of Rochester found fundamental flaws with consumer theory. The problems have been covered up until now. Just ask what quality and convenience are in math terms. Alex Gheg's video will shock you http://www.youtube.com/watch?v=2c4mvGekYZY

Anonymous said...

Alex Gheg is dumber than a box of hammers.

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