The Financial Times attempted to explain why economists failed the world leading up to the Crisis:
There have been several efforts to rethink macroeconomics after the global financial crisis, which hardly any macroeconomists saw coming. The field’s reputation has not been helped by the protracted weak recovery (or worse: in continental Europe macroeconomic policymakers gratuitously provoked a second recession in 2011).
The most impressive post-crisis effort of rethinking how macroeconomics should be done, by many of the field’s top practitioners, has just been completed. It digs deeper than some earlier efforts we have commented on, and mines a richer seam as a result. In a series of posts this week, Free Lunch will cover the writings collected in the latest issue of the Oxford Review of Economic Policy. Devoted to the “Rebuilding macroeconomic theory project”, all the articles are free to view until February 7.
However, Shock Exchange: How Inner-City Kids From Brooklyn Predicted the Great Recession and the Pain Ahead, is most-plagiarized book in the country. By definition, it is also the world’s most-influential. Shock Exchange has been plagiarized and President Obama, the Senate Finance Committee, the House Ways & Means Committee and the Bank of International Settlements. What does the Financial Times and Martin Sandbu think prompted President Trump to get at China about pirating U.S. technology? Of course, Trump read that in Shock Exchange as well.