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how many economists were content to let them be seen as doom merchants, or politically motivated, or fringe?
Not many. On this we agree. But it's another thing to say:
there were no audible warnings before we hit the wall.
Unless you're saying none of them was "audible".

"Dieu se rit des hommes qui se plaignent des conséquences alors qu'ils en chérissent les causes" Jacques-Bénigne Bossuet
by Melanchthon on Tue Sep 22nd, 2009 at 08:17:17 AM EST
[ Parent ]
My point up there at the beginning was about the way a narrative was being presented about the years preceding the breakdown. Audible, in the sense that enough people could hear loud enough to start taking notice, no, there was not much. Audible neither in the MSM, nor the business and financial media. Those who spoke out were easily marginalised, which means that the majority of economists did not accept their views as serious, or at least were not willing to join their voices in warning. If enough of them had done so... it still might not have changed the face of things, but today we could fairly say "the economists did try to warn us".
by afew (afew(a in a circle)eurotrib_dot_com) on Tue Sep 22nd, 2009 at 04:36:23 PM EST
[ Parent ]
I agree. The question then is: how come the economists who foresaw it did not succeed in being heard, despite the fact that some of them were well-known and had media access? It is a multidimensional problem: political, economic, sociological, psychological and cultural. I pointed to that in this comment. It would require a whole diary.

"Dieu se rit des hommes qui se plaignent des conséquences alors qu'ils en chérissent les causes" Jacques-Bénigne Bossuet
by Melanchthon on Tue Sep 22nd, 2009 at 05:19:58 PM EST
[ Parent ]
The real problem is that those who sounded warning still subscribed to the panglossian view that the market is the best of all possible worlds, even if it is out of balance.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Tue Sep 22nd, 2009 at 05:32:14 PM EST
[ Parent ]
Which, in a sense, is why the technical concerns they raised did not have the full value of warnings.
by afew (afew(a in a circle)eurotrib_dot_com) on Wed Sep 23rd, 2009 at 11:16:53 AM EST
[ Parent ]

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