Was the emergency response succesful? And have policy makers learned the important lessons from the crisis? One of the worst consequences of the flawed manner of dealing with the crisis is that moral hazard is now more pronounced than ever.
"Dove ha sbagliato la teoria economica?", si chiedeva questa estate l'"Economist". Per concludere che le teorie prevalenti non hanno alcuna proposta rilevante su come affrontare e risolvere la crisi. Le idee-guida degli ultimi 30 anni si sono dimostrate tanto indiscusse quanto fondamentalmente sbagliate.
There is one undisputed yet erroneous assumption which pretty well all modern financial theory has built on up to now: that financial markets function so perfectly well that, if only regulations were lifted, markets themselves would find the socially correct price for trading in financial and 'real' assets.
