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They still don’t get it

Why have economists failed to adjust their theories about markets?

By Philip Ball  

The Royal household has been criticised for mismanaging its finances (Foreign and Commonwealth Office)

Last Thursday, the Queen visited the Bank of England. It has been widely claimed that during this event she was “finally” given a response to her question in 2008 about why no one saw the financial crisis coming. Such reporting exemplifies all that is wrong about economic discourse today. Newspapers blandly reported the explanatory remarks offered to…

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