4 of 4 people found the following review helpful
Burial of main stream equilibrium macro-economics,
This review is from: The Economic Crisis and the State of Economics (Hardcover)
I commend this short book to anyone interested in learning why the banks collapsed. There are a number of short essays by leading figures, whose contributions are enlightening,and amount, in the sum, to a devastating critique of mainstream American -led macro economics. They underscore the arrogance of many clever, but nearly deranged, number crunchers and mathematical theorists; their greed led them to a lucrative trade in statistical mumbo-jumbo, claiming falsely to be able to attach reliable measured probabilities to future economic events, on the basis of which economic soothesayers- the rating agencies and so-called quants- sold convenient comfort to financial traders and investors on the make. Lord Skidelski and his collaborators have done a great service, worthy of the great Keynes himself, in exposing all this, and I would urge him now to get the contributors to go on further, and to fill out their analysis, which, insightful as it is, is still a little breathless and incomplete in places.