The banking crisis: a rational interpretation

Minford, Patrick 2009. The banking crisis: a rational interpretation. [Working Paper]. Cardiff Economics Working Papers, Cardiff: Cardiff University.

Preview

PDF - Published Version Download (248kB) | Preview

Abstract

Modern macroeconomic models have been widely criticised as relying too much on rationality and market efficiency. However, basically their predictions about this crisis are being borne out by events. ‘Crashes’ are an integral part of an ‘efficient market’ capitalism and are brought on by swings in the news about productivity growth; this time nearly two decades of strong computerbased productivity growth were brought to a crashing halt by raw material shortages. This presages a slow recovery until innovation in material use frees growth up again as it did in the 1990s after the shortages of the 1970s.

Item Type:	Monograph (Working Paper)
Date Type:	Publication
Status:	Published
Schools:	Schools > Business (Including Economics)
Subjects:	H Social Sciences > HB Economic Theory
Publisher:	Cardiff University
Date of First Compliant Deposit:	30 March 2016
Last Modified:	06 Oct 2015 14:00
URI:	https://orca.cardiff.ac.uk/id/eprint/77822

Actions (repository staff only)

Edit Item