Archive for July, 2009

Letter to the Queen: Why No One Predicted the Crisis

Thursday, July 30th, 2009

Her Majesty The Queen
Buckingham Palace
29 July 2009

In response to your question why no one predicted the crisis you have recently received a letter from Professors Tim Besley and Peter Hennessy, sent on behalf of the British Academy. They claim economists’ failure to foresee the crisis was the result of a “failure of the collective imagination.” That claim is tendentious and will mislead you. (more…)