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The Banking Crisis: A Rational Interpretation

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  • Patrick Minford

Abstract

Modern macroeconomic models have been widely criticised as relying too much on rationality and market efficiency. However, 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.

Suggested Citation

  • Patrick Minford, 2010. "The Banking Crisis: A Rational Interpretation," Political Studies Review, Political Studies Association, vol. 8(1), pages 40-54, January.
    • Handle: RePEc:bla:pstrev:v:8:y:2010:i:1:p:40-54
    DOI: 10.1111/j.1478-9302.2009.00205.x
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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, 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, Cambridge Political Economy Society, vol. 36(1), pages 283-312.
    3. Boyer, Robert, 2011. "Post-keynésiens et régulationnistes :Une alternative à la crise de l’économie standard ?," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 10.

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    JEL classification:

    • E0 - Macroeconomics and Monetary Economics - - General

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