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New: The Crisis in Economic Theory

Sat, 25 Jun 2011 11:18:40 GMT

This paper discusses modern macroeconomic and financial models in the light of the current crisis. Theory has been revealed to be inadequate in its explanation of the origins and the nature of the crisis, as Jean-Claude Trichet the Governor of the European Central bank and his colleagues at other central banks have indicated. Basic macroeconomic models, however sophisticated have continued to be based on the same foundations shown to be wanting in the 1970s and financial market models have conti

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