Post-Keynesian Observations

Understanding the Macroeconomy

No One Predicted This Financial Crisis–Did They???

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Yes, many people. However, because they were all outside the mainstream of economics, their warnings were completely ignored. In fact, the economics profession continues to act as if absolutely no one raised a word of warning and that everyone was just as shocked and surprised as they were.

Fortunately, the same folks that brought you the Dynamite Prize in Economics (see my post below), naming the economist most responsible for the crisis, also organized voting for the Revere Award in Economics. The recipient was the “economist who first and most cogently warned the world of the coming Global Financial Collapse.” Without any further ado!

Steve Keen (University of Western Sydney), receiving more than twice as many votes as his nearest rival, has been judged the economist who first and most cogently warned the world of the coming Global Financial Collapse. He and 2nd and 3rd place finishers Nouriel Roubini (New York University) and Dean Baker (Center for Economic and Policy Research) have won the inaugural Revere Award for Economics. It is named in honour of Paul Revere and his famous ride through the night to warn Americans of the approaching British army.

Keen, Roubini and Baker have been voted to be, more than all others, the three economists who if the powers of the world had listened to, the Global Financial Collapse could have been avoided.

More than 2,500 people voted—most of whom were economists themselves from the 11,000 subscribers to the real-world economics review. With a maximum of three votes per voter, a total of 5,062 votes were cast. The voters were asked to vote for

the three economists who first and most clearly anticipated and gave public warning of the Global Financial Collapse and whose work is most likely to prevent another GFC in the future.

The poll was conducted by PollDaddy. Cookies were used to prevent repeat voting.

To see the whole article, go here:

Real World Economics Review

And remember, the next time you hear some smug economist suggest that no one could have predicted the crisis, they are either ignorant or making excuses for the deficiencies of their school of thought.


Written by rommeldak

June 19, 2010 at 4:05 pm

Posted in Uncategorized

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