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Fixated on Friedman


The acorn from which an economics grew

It is worth asking why central bankers so misread the credit boom. Unlike the bankers and the rating agencies, which stood to make millions from their error, the guardians of the credit system had no evident conflict of interest. And it simply isn’t good enough to suggest the bubble was hard to spot. Many more humble analysts and economists managed it.

No, argues Edward Chancellor in his essay for the latest issue of Prospect,…

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