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The banking crisis : a rational interpretation

Minford, Anthony Patrick Leslie 2010. The banking crisis : a rational interpretation. Political Studies Review 8 (1) , pp. 40-54. 10.1111/j.1478-9302.2009.00205.x

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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.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Advanced Research Computing @ Cardiff (ARCCA)
Business (Including Economics)
Cardiff Centre for Crime, Law and Justice (CCLJ)
Subjects: D History General and Old World > D History (General) > D839 Post-war History, 1945 on
H Social Sciences > H Social Sciences (General)
H Social Sciences > HB Economic Theory
H Social Sciences > HG Finance
Publisher: Wiley Blackwell
ISSN: 1478-9299
Last Modified: 04 Jun 2017 03:22
URI: http://orca-mwe.cf.ac.uk/id/eprint/20262

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