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The Banking Crisis - A Rational Interpretation

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  • Minford, Patrick

    ()
    (Cardiff Business School)

Abstract

Modern macroeconomic models have been widely criticised as relying too much on rationality and market efficiency. However, basically their predictions about this crisis are being borne out by events. 'Crashes' are an integral part of an 'efficient market' capitalism and are brought on by swings in the news about productivity growth; this time nearly two decades of strong computer-based productivity growth were brought to a crashing halt by raw material shortages. This presages a slow recovery until innovation in material use frees growth up again as it did in the 1990s after the shortages of the 1970s.

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Bibliographic Info

Paper provided by Cardiff University, Cardiff Business School, Economics Section in its series Cardiff Economics Working Papers with number E2009/10.

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Length: 9 pages
Date of creation: Jul 2009
Date of revision:
Publication status: Published in Political Studies Review , vol. 8(1) (2010), 40-54
Handle: RePEc:cdf:wpaper:2009/10

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Keywords: Macroeconomic models; Banking Crisis;

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  1. Tobias Adrian & Hyun Song Shin, 2008. "Liquidity and financial cycles," BIS Working Papers 256, Bank for International Settlements.
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Cited by:
  1. Vo Le & David Meenagh & Patrick Minford & Michael Wickens, 2010. "Two Orthogonal Continents? Testing a Two-country DSGE Model of the US and the EU Using Indirect Inference," Open Economies Review, Springer, Springer, vol. 21(1), pages 23-44, February.
  2. Robert Boyer, 2012. "The four fallacies of contemporary austerity policies: the lost Keynesian legacy," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 36(1), pages 283-312.

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