Lessons from the Global Financial Crisis of 2008

10/27/2009
Working Paper

The world has been going through a major crisis, the worst since the Great Depression. In the last thirty years, there have been more than a hundred crises around the world.

Author(s)

As terrible as this may be for the people in these countries, it is good for economists since we now have a lot of data to help interpret what causes crises and what to do or not to do about them. We can blame the banks for creating the crisis. But we have to blame ourselves somehow for not being able to manage our response to the crisis well ― in a way that makes sure we make use of the full potential of our resources.