Economic models are broken, and economists have wildly different ideas about how to fix them
Francis Tseng
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Ten years after the global financial crisis, economists are still puzzling over how they (mostly) failed to predict such a massive crash. Given all the data and experience at their disposal, how did they miss something so consequential? In a new paper (pdf) entitled "Where Modern Macroeconomics Went Wrong," Nobel laureate Joseph Stiglitz of Columbia University lays...

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