Krugman does a review of what went wrong in this crisis and where economists erred. He looks at three qs:
Archive for September 12th, 2011
Economists’ Profession and the Crisis
September 12, 2011Why do we need banks and why we fear them? View from anthropology
September 12, 2011Niccolo Leo Caldararo from Department of Anthropology, San Francisco State University writes this nice paper. It is always nice to get views on economics from different fields.
Caldararo says most animals do save and do some kind of inter-generational transfer. This is what banks do as well and hence their need. However, to think they are critical and deserve to be saved at all costs is not right:
