The financial crisis was not widely predicted by mainstream economists except Raghuram Rajan, who instead spoke of the Great Moderation. A number of heterodox economists predicted the crisis, with varying arguments. Dirk Bezemer in his research credits (with supporting argument and estimates of timing) 12 economists with predicting the crisis: Dean Baker (US), Wynne Godley (UK), Fred Harrison (UK), Michael Hudson (US), Eric Janszen (US), Steve Keen (Australia), Jakob Brøchner Madsen & Jens Kjaer Sørensen (Denmark), Kurt Richebächer (US), Nouriel Roubini (US), Peter Schiff (US), and Robert Shiller (US). Examples of other experts who gave indications of a financial crisis have also been given. Not surprisingly, the Austrian economic school regarded the crisis as a vindication and classic example of a predictable credit-fueled bubble that could not forestall the disregarded but inevitable effect of an artificial, manufactured laxity in monetary supply, a perspective that even former Fed Chair Alan Greenspan in Congressional testimony confessed himself forced to return to.
The financial crisis was not widely predicted by mainstream economists except Raghuram Rajan , who instead spoke of the Great Moderation . A number of heterodox economists predicted the crisis , with varying arguments . Dirk Bezemer in his research credits ( with supporting argument and estimates of timing ) 12 economists with predicting the crisis : Dean Baker ( US ) , Wynne Godley ( UK ) , Fred Harrison ( UK ) , Michael Hudson ( US ) , Eric Janszen ( US ) , Steve Keen ( Australia ) , Jakob Brøchner Madsen & Jens Kjaer Sørensen ( Denmark ) , Kurt Richebächer ( US ) , Nouriel Roubini ( US ) , Peter Schiff ( US ) , and Robert Shiller ( US ) . Examples of other experts who gave indications of a financial crisis have also been given . Not surprisingly , the Austrian economic school regarded the crisis as a vindication and classic example of a predictable credit - fueled bubble that could not forestall the disregarded but inevitable effect of an artificial , manufactured laxity in monetary supply , a perspective that even former Fed Chair Alan Greenspan in Congressional testimony confessed himself forced to return to .
What did Raghuram Rajan speak of?
What did Raghuram Rajan speak of ?
Great Moderation
Great Moderation