The blame game continues over who is responsible for the worst recession since the Great Depression – the financiers who did such a bad job of managing risk or the regulators who failed to stop them. But the economics profession bears more than a little culpability. It provided the models that gave comfort to regulators that markets could be self-regulated; that they were efficient and self-correcting. The efficient markets hypothesis – the notion that market prices fully revealed all the relevant information – ruled the day. Today, not only is our economy in a shambles but so too is the economic paradigm that predominated in the years before the crisis – or at least it should be.
谁该对这场大萧条以来最严重的衰退负责，是风险管理工作糟糕透顶的金融家，还是未能阻止他们的监管者？指责游戏仍在继续。但manbetx20客户端下载 学界承担的不只是一点点罪责。它提供的模型，让监管机构安心地相信市场可以自我监管；相信模型是有效的，而且会自我修正。市场价格完全揭示了所有相关信息的有效市场假说曾风靡一时。如今，不仅我们的manbetx20客户端下载 陷入一团糟，就连在危机发生前几年占据主导地位的manbetx20客户端下载 范式也是如此——或至少应该是。