Question
David Brooks, in a March 2010 Op-Ed piece for the New York Times called The Return of History critiques economists for not anticipating the economic
David Brooks, in a March 2010 Op-Ed piece for the New York Times called "The Return of History" critiques economists for not anticipating the economic financial crisis that struck in the fall of 2008 and carried on for over a year. He states that the crisis: "... exposed the shortcomings of the whole field. Economics and financiers spent decades building ever more sophisticated models to anticipate market behaviour, yet these models did not predict the financial crisis as it approached. In fact, cutting-edge financial models contributed to it by getting behaviour so wrong -- helping to wipe out $50 trillion in global wealth and causing untold human suffering."
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