The economics profession advances by one confusing financial disaster at a time.
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Many of us like to think of financial economics as a science, but complex events like the financial crisis suggest that this conceit may be more wishful thinking than reality.
Narrative drives most of economics. Everything seems to be part of a story, and how that story is told often leads to critical error.
Financial crises are like fireworks: they illuminate the sky even as they go pop.
On Wall Street, financial crisis destroys jobs. Here in Washington, it creates them. The rest is just details.
Financial crises are an unfortunate but necessary consequence of modern capitalism.
A financial crisis is a great time for professional investors and a horrible time for average ones.
The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis.
Economics is a strange science. Our subject deals with some of the most important as well as mundane issues that impinge on the human condition.
Financial advice needs to change according to what is happening in the economy.
The main thing during a crisis is discipline, to begin investing in time again after the crisis subsides.
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