||Central Bank Of Barbados
The world economic and financial crisis of 2008 brought to a head long-festering selfdoubts within the economics profession, as well as criticisms from outside the ranks of professional economists. This has led to an outpouring of critical writing, but sadly the overwhelming volume has been apologist, explaining events (after the fact) as examples of exceptions to the equilibrium market model (external diseconomies, public goods, “herd behaviour” and the like). That line of “explanation”, exemplified by titles such as Freakonomics and The Economic Naturalist, tells us nothing about how events might have been ordered otherwise, how to address the current conjuncture more successfully, or how to avoid the next crisis.
Book Review - The Black Swan The Impact of the Highly Improbable (June 2012).pdf