tag:blogger.com,1999:blog-22020163.post8897488027071935900..comments2023-10-24T07:28:50.297-04:00Comments on Thinking on the Margin: The Crisis: A Failure or a Vindication of Economics?Brian Hollarhttp://www.blogger.com/profile/09365101283657395331noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-22020163.post-52363162386728394892009-09-24T00:08:46.754-04:002009-09-24T00:08:46.754-04:00...the research I have done shows that the crisis ...<b>...the research I have done shows that the crisis was caused by a deviation of policy from the type of policy recommended by modern economics....</b><br /><br />This is a lot like the communists saying that Communism would have worked if Mao, Stalin, Tito, Castro, etc., only applied it properly as if there were one pure version that would work. The real world seems much more complicated because there is no monolithic policy type recommended by modern economics. No matter how we slice and dice it, the Keynesian and Monetarist approaches failed miserably because they could not see the crisis coming. Sadly, nobody paid attention to the Austrian School, which saw the problem and explained why a massive correction would be inevitable. Even more sadly, the meddling after the crisis has pushed the correction further in the future and has ensured that it will be far worse.VangelVhttps://www.blogger.com/profile/18253765145016548748noreply@blogger.com