It is reported that George Soros has donated a significant sum for the establishment of a unit at Oxford which is intended to review the intellectual basis of Economics and the reasons why its practitioners failed to predict the credit crunch.
The motivation is excellent: the outcome is likely to be deeply disappointing; because the people chosen to define the project are themselves inner-circle academics who failed to predict the crisis.
The money would much better have been allocated to some of us who predicted the crisis, and explained analytically why it was inevitable.
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