• Pages

  • Consultancy
  • Old Diocesan's France
  • Special Places to Stay
  • - Australia
  • - South Africa
  • - France
  • - Great Britain
  • Special Places to Eat
  • - Australia
  • - South Africa
  • - France
  • - Great Britain

• Property Rentals

  • Australia
  • France
  • South Africa
  • - Knysna
  • United States

• Recent Articles

  • A British Break - [2]
  • 2Oceansvibe Radio launches
  • Madame’s Magic moments [9]
  • French Newspaper - rewriting the rules
  • In case you were wondering!
  • Provence- The Best of Summer
  • A British Break - Summer [1]
  • John Terry’s Boss
  • A Week in Provence - Summer Wrap
  • Paywall hits the Wall

• Archives

  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • September 2009
  • August 2009
  • July 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • February 2009
  • January 2009
  • December 2008
  • November 2008

• Search

The Real World Economics Blog reports:

Alan Greenspan has been judged the economist most responsible for causing the Global Financial Crisis. He and 2nd and 3rd place finishers Milton Friedman and Larry Summers, have won the first–and hopefully last—Dynamite Prize in Economics.

They have been judged to be the three economists most responsible for the Global Financial Crisis. More figuratively, they are the three economists most responsible for blowing up the global economy.

Most than 7,500 people voted—most of whom were economists themselves from the 11,000 subscribers to the real-world economics review. With a maximum of three votes per voter, a total of 18,531 votes were cast.

Dynamite Prize Citations

Alan Greenspan (5,061 votes): As Chairman of the Federal Reserve System from 1987 to 2006, Alan Greenspan both led the over expansion of money and credit that created the bubble that burst and aggressively promoted the view that financial markets are naturally efficient and in no need of regulation.

Milton Friedman (3,349 votes): Friedman propagated the delusion, through his misunderstanding of the scientific method, that an economy can be accurately modeled using counterfactual propositions about its nature. This, together with his simplistic model of money, encouraged the development of fantasy-based theories of economics and finance that facilitated the Global Financial Collapse.

Larry Summers (3,023 votes): As US Secretary of the Treasury (formerly an economist at Harvard and the World Bank), Summers worked successfully for the repeal of the Glass-Steagall Act, which since the Great Crash of 1929 had kept deposit banking separate from casino banking. He also helped Greenspan and Wall Street torpedo efforts to regulate derivatives.

Well done, guys. Now go and enjoy your hard-earned gazillions.

[news source - The Real World Economics]

Comments

• Blog Roll

  • 2 Oceans Vibe - what the kids are reading!
  • Bastide Les Amis - the ultimate property rental in France
  • Crikey - what they don’t publish in Oz
  • Croaky - For all the latest behind the scenes info on healthcare in Australia and beyond
  • Follow Me On Twitter - My Twitter feed LIVE from Provence!
  • Hotels In Monaco - Hotels in Monaco
  • Noseweek - news you’re not supposed to know
  • Popyacollar - A leading edge look at fashions and trends - updated virtually daily
  • Times Blogs - Down The Track, the best cricket there is

• Other Links



Interior design, staging for sale, polishing up your décor:
Goto Beach Stone Interiors to see our portfolio. Represented in Chatham (Cape Cod, USA); Cape Town (South Africa); Melbourne (Australia); Menerbes (France)