Not only did the economists not see the present crisis coming, but they played a large part in triggering it, argues Christian Stoffaës, and he demonstrates the degree to which the dominant paradigm of “efficient financial markets” led to extravagant financial speculation.
Blaming the circumventing of financial rules for impelling the global economy towards catastrophe, Stoffaës argues for a thorough transformation of economic thought, focussing back on the real economy, the economy of production.
The Crisis: The Economists’ Error
This article is published in Futuribles journal no.364, juin 2010
