[Howard Davies] Economics in denial about its academic merit
ViewpointsAug 26, 2012
PARIS ― In an exasperated outburst, just before he left the presidency of the European Central Bank, Jean-Claude Trichet complained that, “as a policymaker during the crisis, I found the available (economic and financial) models of limited help. In fact, I would go further: in the face of the crisis, we felt abandoned by conventional tools.”Trichet went on to appeal for inspiration from other disciplines ― physics, engineering, psychology, and biology ― to help explain the phenomena he had exper