The opacity of economics has attributed a quasi-magical quality to the interpreters and doyens of the financial sector. But does the failure to predict or prevent financial crises demonstrate that these powers are fallacious?
The magic touch
Toronto is growing at its slowest rate in almost half a century, and yet house prices have increased by a third in the past year alone. The reason for this continual rise is a market-wide magic trick
With economists taking a reductionist approach to economics, another financial crisis is inevitable. They must learn from the mistakes of weather forecasters and changing their predictive models
Succeeding in economics
Many economics students are experiencing a disconnect between the content of their courses and the events taking place in the real world. Giving them the opportunity to learn about more than mere mathematics could be the solution
The great depression
The 2008 financial crisis sank many of the world’s economists deep into mourning. They have only just now reached the fourth stage of the grieving process: depression
Economists are still bargaining with the financial crisis
Economists are still grieving the 2008 financial crisis, and have now entered the third stage of the process: ‘bargaining’. However, a fixation on what could have been done differently makes it harder to tackle the issues head-on
Are corporate banks stretching themselves thin?
The presence of corporate banks has increased across a variety of industries, including real estate. It seems financial corporations want bigger stakes in wider markets. If they are not careful, however, they could end up missing the market
Do financial modellers need a Hippocratic Oath?
When it comes to economics, there are no clear guidelines for what to do when there’s financial fallout, as seen in 2008, and how to deal with the repercussions
An uncertain forecast
When thinking about economic predictions in relation to quantum physics, it’s a slight concern when the latter seems easier to decipher
Owning the market
Canada proves that state intervention in real estate is not necessarily a bad thing
Economics’ big bipolar problem
Warring economists are stuffing up the discipline’s scientific credibility
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