Standard macroeconomic theory did not help foresee the crisis, nor
has it helped understand it or craft solutions. This columns argues
that both the New Classical and New Keynesian complete markets
macroeconomic theories not only did not allow the key questions about
insolvency and illiquidity to be answered. They did not allow such
questions to be asked. A new paradigm is needed.
<http://www.voxeu.org/index.php?q=node/3210>Link
--
Posted By johannes to
<http://www.monochrom.at/english/2009/04/unfortunate-uselessness-of-most-state.htm>monochrom
at 4/17/2009 12:44:00 PM
