Instability may not be optional

What if capitalism demanded hopes for financial gain exceeding rational calculation, and periodic bubbles were the necessary price of innovation?

Sydney Morning Herald commentator Gareth Hutchens commented that the Rogoff and Reinhart affair shows how slow economists are to realise that their data may be dodgy, but to my mind that is insignificant compared to how slow they are to realise that their theories are dodgier still.


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