Stiglitz Says Crisis Exposed ‘Major Flaws’ in Economics Ideas – Bloomberg.com

eat Depression, having claimed more than 7 million U.S. jobs. Homeowners, investors and “probably” financial executives showed “marked irrationalities” and may have “bought into their own false arguments,” Stiglitz said.

“Economists should be included in the list of those to ‘blame’ for the crisis,” Stiglitz said in the presentation, which Bloomberg News obtained via e-mail. There’s now a “window of opportunity” to build new theories “based on more plausible accounts of individual and firm behavior,” he said.

via Stiglitz Says Crisis Exposed ‘Major Flaws’ in Economics Ideas – Bloomberg.com.

via Stiglitz Says Crisis Exposed ‘Major Flaws’ in Economics Ideas – Bloomberg.com.

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