The financial collapse of 2007 and the recession that followed left many economists on the defensive. News programs, magazines, pundits, and even Queen of England all asked some variant of questions, why didn’t you see it coming? Some in the economics community wrote articles or convened conferences to examine how they could have gotten it so wrong; others engaged in a full-throated defense of their profession. For many who were hostile to the fundamental assumptions of mainstream economics, the crisis was proof that they had been right all along: the emperor was finally shown to have no clothes. Public confidence in authority was badly shaken.
-Excerpt from the Fault Lines by Raghuram Rajan
The current scenario we are in is so vastly different that it doesn’t beg the question: “why didn’t you see it coming?” This time around, the cause is unprecedented – a virus is attacking mankind and corrupting the system as we know it – and so is the impact. This week, our experts delved into the same question to find out if at all the history is repeating itself and ‘Is there a Recession coming?’
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