Shamanomics

The global financial Crisis of 2008 demonstrated the comprehensive failure of Economics and of the theory of economic management which has dominated Economics for more than 50 years. It was, in particular, a disastrous failure for macroeconomists, those economists who deal with the big economic factors like growth, inflation and employment and who act as policy advisors to governments. This book explains the reasons for this failure. The strong growth and soaring financial markets of the 1980s and '90s led to a complacent belief that economists had definitively solved the central task of economic management: delivering durable, non-inflationary growth (We Did It ). The reputation and influence of Economics and economists soared in parallel with the markets. As the 2008 Crisis proved, this confidence was badly mistaken. This book identifies the guilty parties, whose uncritical belief in the dominant theory led to the Crisis, and the few 'wise virgins' who foresaw it. It describes the