Crony Capitalism for Intellectuals

Crony Capitalism for Intellectuals 1

Joyce Hesselberth for The Chronicle Review

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Joyce Hesselberth for The Chronicle Review

"Why did nobody notice it?" Queen Elizabeth II innocently asked a gathering of London School of Economics and Political Science professors in November 2008. "It," of course, was the financial crisis. In defense of the field, one can certainly point to plenty of theoretical papers that highlighted the possible instability of financial markets. But they were merely theoretical. Worried economists remained quietly inside the ivory tower. Many of my colleagues will object that we are scientists