Bernanke charts new course for Fed economics

ben-bernanke-fed-2010

Ben Bernanke, the chairman of the Federal Reserve, on Friday rejected many of the tenets of the classical paradigm and called for economists to plug some fundamental knowledge gaps exposed by the crisis.

Speaking at Princeton, Bernanke said many economic actors metaphorically "threw up their hands" and, given the extreme nature of the crisis, admitted "they did not know what they did not know." However, most researchers continued to work within the classical paradigm, which assumes rational self

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