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Paul Romer on a Culture of Science and Working Hard
Conversations with Tyler
The Biggest Negative From the Financial Crisis
Two thousand eight economists, for the most part, did not understand the importance of the shadow banking system. The lesson from the financial crisis is one about the fragility of extensive interconnection. We paid attention to optimise efficiency with massive reliance on specialization and these kind of complicated supply chains. But the the growth, the proliferation of connection means that our system is more fragile than we realize....
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