The 2008 Global financial crisis and Today's economy

  The 2008 Global financial crisis and Today’s economy In the minds of many, economics came to be thought of as a science. Removed from its rough prediction roots, it became a discipline of watertight theory, with a methodology capable of unearthing indisputable truths. Economists, so the story goes, had successfully grasped the essence of human behavior: rational, and, therefore, highly predictable. With this discovery, an age-old question whose answer for millennia had eluded humanity was finally laid to rest. Where philosophers, psychologists, and sociologists had failed, economists had struck gold. They had cracked it. As a result, imperfect theories - as economic theories inherently are - started to be treated as laws of nature, like facts, and confidence among economists erred towards hubris. A sense of exclusivity pervaded the field, an unspoken agreement that outsiders were unwelcome, and their contributions unneeded. In the last 10 years, however, things have ...