Five years before the financial meltdown of 2008, Robert Lucas famously declared that “the central problem of depression-prevention has been solved . . . and has in fact been solved for many decades”.
The University of Chicago economist was not alone. Up to the eve of the worst crash in 80 years, America’s economic luminaries, including Alan Greenspan, former chairman of the Federal Reserve, and his successor Ben Bernanke insisted there was no cause for alarm.
Having failed to foresee the crisis, many badly misread its aftermath. As early as December 2008, Mervyn King, governor of the Bank of England, anticipated breakaway wage growth. We are still waiting.
您已阅读6%（663字），剩余94%（9660字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。