“The prevailing ideology of the modern west - which is political economy - is in the doghouse. Having failed to notice atmospheric pollution, the economists then frightened themselves with the sort of financial crisis they said they had abolished.” SaidPoliticalEconomyModernCrisisWestFinancialIdeologyFrightenedPollutionThey SaidEconomistPrevailingFinancial CrisisPolitical Economy Author:James Buchan
“Combining valuable insights from his experience in China, his time as the World Bank's chief economist, and the 2008 financial crisis, Justin Yifu Lin's recommendations for development policy reflect an impressive and unique personal journey.” WorldJourneyPolicyDevelopmentUniqueCrisisFinancialChinaValuableInsightChiefsEconomistImpressiveCombiningFinancial CrisisJustinRecommendationsWorld BankPersonal Journey Author:Kemal Dervis
“Suckers think that you cure greed with money, addiction with substances, expert problems with experts, banking with bankers, economics with economists, and debt crises with debt spending” ThinkingProblemEconomicsCrisisAddictionGreedDebtSpendingCuresSubstanceExpertsEconomistBankingBankersSuckerDebt Crisis Book:The Bed of Procrustes: Philosophical and Practical Aphorisms Source: The Bed of Procrustes: Philosophical and Practical Aphorisms
“The fear among economists across the political spectrum that was - was that we were rapidly plummeting towards a second Great Depression. So, in the weeks and months that followed, we undertook a series of difficult steps to prevent that outcome. And we were forced to take those steps largely without the help of an opposition party, which, unfortunately, after having presided over the decision-making that had led to the crisis, decided to hand it over to others to solve.” HelpingHandsPoliticalDifficultDecisionPartyStepsWeekMonthsDecidedCrisisSeriesSolveOutcomesOppositionDecision MakingEconomistSpectrumGreat DepressionPolitical SpectrumOpposition Parties Author:Barack Obama
“Economists did something even better than predict the crisis. We correctly predicted that we would not be able to predict it.” AbleCrisisEconomist Author:William Easterly
“One intriguing subplot of the economic crisis is the failure of most economists to predict it. Here we have the most spectacular economic and financial crisis in decades - possibly since the Great Depression - and the one group that spends most of its waking hours analyzing the economy basically missed it.” HoursEconomyGroupsEconomicCrisisFinancialDecadesWakingEconomistSpectacularIntriguingGreat DepressionAnalyzingFinancial CrisisEconomic CrisisSubplots Author:Robert J. Samuelson
“he economy favors throughput over quality and craftsmanship, and economists are terrified because the American savings rate has crept upward from about zero to almost five percent. But the mortgage crisis and the burgeoning credit card crisis are causing Americans to become wary of irresponsible debt.” QualityEconomyFivePercentCrisisRateCreditDebtFavorsCardsSavingZeroTerrifiedEconomistSavingsIrresponsibleMortgageCredit CardCraftsmanshipMortgage Crisis Author:Denis Hayes
“Ever since the Great Depression, economists have known that demand shortages tend to persist in the wake of severe financial crises like the ones that happened in 1929 and 2008.” KnownHappenedDemandCrisisFinancialPersistSevereEconomistShortageGreat DepressionFinancial Crisis Author:Bob Frank
“For the last several decades, there was a prevailing belief among traditional economists that the markets were rational and self-correcting. Alan Greenspan advocated this view. But the 2008 financial crisis showed that this view is incorrect, and Greenspan eventually admitted as much.” SelfLastsBeliefViewsCrisisFinancialDecadesRationalTraditionalEconomistPrevailingCorrectingFinancial Crisis Author:Kabir Sehgal
“Economists often define their discipline as "the allocation of scarce resources among competing ends." But when resources or money really become scarce, economists call it a crisis and say that it's a question for politicians, not their own department.” DisciplinePoliticianCrisisCompetingEconomist Author:Michael Hudson
“I don't think that any economist disputes that we're in the worst economic crisis since the great depression. The good news is that we're getting a consensus around what needs to be done.” ThinkingNeedsDoneMoneyEconomicWorstNewsCrisisEconomistGood NewsDisputesConsensusGreat DepressionEconomic Crisis Author:Barack Obama