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Financial crash: what’s wrong with economics?

It didn't predict the crash—and that isn't its only flaw

By Diane Coyle & Andrew Haldane  

President Harry Truman famously yearned for a one-handed economist, in exasperation at their inability to give a straight answer. But economists have long been united about at least one thing—their positive assessment of their own subject. Since the 1980s, at least, economics has accorded itself high professional status, as well as taking an increasingly prominent role not just in shaping public policy, but in shaping many other aspects of…

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