[HT: Simon Johnson] MIT’s Daron Acemoglu has written one of the best essays on the financial crisis and what it means for economics that I have read. He argues, convincingly, that forgetting about what drives economic growth when formulating policy is a big mistake. Importantly, it has been all too easy to forget about how important institutions are in advanced economies as we trotted along with seeming economic prosperity for a decade. Continue reading “The failure of unregulated markets”

Well, it requires your own input and it depends critically on rates of return but the New York Times provides a calculator that neatly tells who when you might expect to forget about the financial crisis of 2008.