Note once again how none of this has anything to do with the state's spending habits or individual morality. The causes are once again systemic and arise out of the interaction of the parts to produce an outcome that is irreducible to them. Why would people have such faith in a technology that hides risk rather than measures it? To answer that question, we need to address the deepest cause of the crisis—the other reason no one saw it coming: the theories of a generation of economic thinkers who only ever saw markets as good and the state as bad, which takes us back to economics as a morality tale, albeit of a different type.

Mark Blyth, Austerity, loc. 118