June 20, 2008
treadmill economics
Finance & Economics, Financial Crisis, In Other Words
(It’s no surprise that financial crises – like intercourse, pro sports, and agriculture – run in alternating cycles of boom and bust. Classical economic theory suggests that such cyclicality can be overcome through innovations in resource use, factor productivity, and leverage. Classical history suggests otherwise. In the following rant, celebrity economist Jeff Sachs tackles the [...]
Filed by The Editor on June 20th, 2008