![]() ![]() The Solow review is well worth reading in its entirety. It emphasizes how dramatic is the current crisis, and how it is forcing thoughtful scholars to rethink their assumptions. This is a stunning paragraph for a University of Chicago thinker to write. The movement to deregulate the financial industry went too far by exaggerating the resilience–the self-healing powers–of laissez-faire capitalism. But without any government regulation of the financial industry, the economy would still, in all likelihood, be in a depression what we have learned from the depression has shown that we need a more active and intelligent government to keep our model of a capitalist economy from running off the rails. The government’s myopia, passivity, and blunders played a critical role in allowing the recession to balloon into a depression, and so have several fortuitous factors. Some conservatives believe that the depression is the result of unwise government policies. Nobel Laurate Robert Solow reviews Posner’s A Failure of Capitalism: The Crisis of ’08 and the Descent into Depression in the latest issue of the New York Review of Books. For instance, I got a lot out of his book Aging and Old Age Posner is a polymath, a judge, a brilliant conservative scholar associated with the University of Chicago school of economics, and an independent thinker. Abstract Following the timely and well-received A Failure of Capitalism, Richard Posner steps back to take a longer view of the continuing crisis of democratic capitalism as the American and world economies crawl gradually back from the depths to which they had fallen in the autumn of 2008 and the winter of 2009. Richard Posner has written a book on the current depression–his term. ![]()
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