Why Mainstream Economists Can’t Predict Downturns

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FS Insider interviews Daniel Nevins on his new book, Economics for Independent Thinkers, which explains where modern economics went wrong with so-called “equilibrium theory” and a number of other fatal assumptions that have made it nearly impossible for mainstream economists to understand or predict the business cycle. Nevins discusses his alternate and much more powerful framework, synthesizing the work of heterodox economists like Joseph Schumpeter, Marvin Minsky, and others, while also offering his thoughts on where we are today, and what he sees as the greatest risk facing investors ahead. Order a copy of his book on Amazon by clicking here.

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