James R. Crotty is a Professor Emeritus of Economics and Sheridan Scholar at University of Massachusetts.
Articles by this author
Sunday, November 03, 2013
The Man Who Won a Nobel Prize for Helping Create a Global Financial Crisis
Eugene Fama just received a Nobel Prize for his contributions to the theory of “efficient financial markets,” the dominant theory in financial economics that asserts that markets work ideally if not constrained by government regulation. The fact that economic “science” teaches that unregulated financial markets work effectively helped financial institutions and the rich accomplish their goal of radical financial market deregulation in the 1980s and 1990s.