When economic theory fails the maths exam

Research suggests when an issue is politically charged a high level of numeracy works against understanding it. This explains why many economists still ignore the numerical evidence of what caused the GFC.

Eight years ago, in December 2005, I began warning of an impending economic crisis that would commence when the rate of growth of private debt started to fall. My warnings hit a popular chord: journalists throughout the world picked it up and publicised my views – as well as similar arguments from Nouriel Roubini, Dean Baker, Ann Pettifor, Michael Hudson, Wynne Godley, and a few others.


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