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What is the point of generating theoretical models that don't fit events that call for explanation? A classic example is the answer that Queen Elizabeth II received from when she asked her economists why they did not foresee the global financial crisis. The answer was the the conditions leading to it lay beyond the scope of the conventional model.Lars P. Syll’s BlogWhat’s the use of economics?Lars P. Syll | Professor, Malmo University
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What is the point of generating theoretical models that don't fit events that call for explanation? What is the point of generating theoretical models that don't fit events that call for explanation? A classic example is the answer that Queen Elizabeth II received from when she asked her economists why they did not foresee the global financial crisis. The answer was the the conditions leading to it lay beyond the scope of the conventional model.Lars P. Syll’s BlogWhat’s the use of economics?Lars P. Syll | Professor, Malmo University
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Mike Norman considers the following as important:
This could be interesting, too:
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A classic example is the answer that Queen Elizabeth II received from when she asked her economists why they did not foresee the global financial crisis. The answer was the the conditions leading to it lay beyond the scope of the conventional model.
Lars P. Syll’s Blog
What’s the use of economics?
Lars P. Syll | Professor, Malmo University