By Arnold Kling
there are about three papers written on monetary policy for each paper mentioning fiscal policy. And there are only a few dozen papers written on the multiplier each year.
He has more data.
a large role was played by the failure of the private and corporate actors to understand what they were doing. Most heads of ailing or deceased financial institutions did not comprehend the degree of risk and exposure entailed by the dealings of their underlings
As a high-falutin’ academic, he calls this an “epistemological recession.” As you know, I call it the suits vs. geeks divide.
Finally, David Leonhardt has a big piece coming up in the NYT Magazine. So far, I’ve only read the first page, and he mentions Mancur Olson, which is cool.