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On attending the London School of Economics, one of the supposedly most prestigious (but in reality one of the most out-dated) establishments, the Queen decided to ask a very simple question: ... 'Why no-one had predicted the credit crunch ... !'
The London School of Economics were apparently rather challenged by the question, and the Sunday Times today Tim Besley [Kuwait Professor of economics and political science at the London School of Economics and member of the Bank of England MPC], and Peter Hennessy [Professor of contemporary British history at Queen Mary College, University of London] said "The academics have now replied in a three-page letter blaming a failure of the collective imagination of many bright people" ...
Yet many people had (e.g. 'creative outsiders', less 'favored' economists and fellow bloggers), but they were not the ones the Government and other establishments listened too (including the BBC) ... hence the problems we now face ...*
We know 'traditional economics' is dead, and traditional establishments will always be the last to spot this, or admit this ... and they will fight all the way to avoid acknowledging their mistakes (e.g. listening / promoting their own - their own people, ideas and incompetence..!)
I tend to agree with a fellow blogger's observations (see below), but I would include the involvement, cover-ups and collusion of other 'traditional' establishments too (e.g. BBC**, Government, Banks, CBI ...), and as far as the current 'leaders' from all these traditional establishments are concerned, they are all "Maybe Best Avoided" ... and they should all be re-applying for their posts, with hard-working people having confidence in the values, knowledge & abilities of those who are appointed to them ...
* NB Solutions exist - but these establishment still don't understand, get it, or listen to anyone other than themselves ... e.g. go to http://poweromics.blogspot.com/2009/07/leanomics-charting-path-to-recovery.html for instance.
** NB Stephanie Flanders still hasn't stepped up to the mark, but perhaps Stephanie asked the Queen to do this instead ... !?!?!
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Post 103 (John_from_Hendon) wrote:
"... See for example today's Sunday Times: ( Tim Besley, Kuwait professor of economics and political science at the London School of Economics, and Peter Hennessy, professor of contemporary British history at Queen Mary College, University of London) "The academics have now replied in a three-page letter blaming a failure of the collective imagination of many bright people" as a response to HM the Queen as to why the economists as a profession(!) did not spot the credit crunch.
When even the Queen is demanding answers, why are we, the people, not being allowed to both have answers and the take appropriate steps - that is to fire the miseducated economists working as regulators (the Bank of England, The FSA the MPC) and in economic management (HM Treasury) and universities (too numerous to list including Harvard, Balliol etc.). Certainly we, the people, should have the right to ask that all economists re-apply for their posts and in that process we should only re-employ those economists who can provide documentary proof that they saw the crunch coming. Their text books should be moved to the comedy section of all libraries ..."
When even the Queen is demanding answers, why are we, the people, not being allowed to both have answers and the take appropriate steps - that is to fire the miseducated economists working as regulators (the Bank of England, The FSA the MPC) and in economic management (HM Treasury) and universities (too numerous to list including Harvard, Balliol etc.). Certainly we, the people, should have the right to ask that all economists re-apply for their posts and in that process we should only re-employ those economists who can provide documentary proof that they saw the crunch coming. Their text books should be moved to the comedy section of all libraries ..."
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Leanomist post 127.
