Friday, January 16, 2009

Acemoglu on the 2008 Crisis

Daron Acemoglu wrote a recent essay on the economic crisis that you may find interesting. Daron makes the case, among others, that the assumption that rich countries had good institutions which would prevent abuse and not endanger social systems was incorrect.

This is a must read for those who are interested in how economic models and our thinking of institutions need to be revisited.

Daron is an economics professor at the Massachusetts Institute of Technology, an Armenian originally of Istanbul.

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