Systemic Failure of Academic Economics (Kiel Institute)

Kiel Institute for the World Economy published the Working Paper n. 1489: "The Financial Crisis and the Systemic Failure of Academic Economics", by David Colander, Hans Föllmer, Armin Haas, Michael Goldberg, Katarina Juselius, Alan Kirman, Thomas Lux and Brigitte Sloth. They conclude: "The economics profession appears to have been unaware of the long build-up to the currente worldwide financial crisis and to have significantly undeterestimated its dimensions once it started to unfold." (PDF in English)