The global financial crisis has generated a vigorous debate about the relevance of mainstream economics for understanding the real world.One view is that a new economic model is needed and a half century of economic knowledge must be discarded. An alternative more positive view is that our current economic models work reasonably well and what has occurred is a major unexpected shock.In the latter case, although the shocks are difficult to predict, the adjustment to the shocks and the required policy interventions can be analysed and understood using more conventional approaches.Professor Warwick McKibbin explores how well the global financial crisis can be understood as a series of unexpected shocks, what these shocks were and how can conventional economic models explain the global adjustment and the implications of alternative policy responses.moreless
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