Indeed, the crisis itself can be considered a $13 trillion experiment on the robustness. [fact]
- We note in particular how the crisis was at base a crisis of the “instruction sheet” of neoclassical economic theory. Indeed, the crisis itself can be considered a $13 trillion experiment on the robustness of these ideas, which begs a very important question. If these ideas were indeed falsified in the crisis, why are they still being used by financial and governmental elites to diagnose the crisis?
Mark Blyth, Austerity, loc. 694