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Juselius - The Financial Crisis and the Failure of Academic

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  The Dahlem report on the financial crisis and the failure of academic economics Katarina Juselius Department of Economics University of Copenahgen  Organization of this talk ã Some background statistics: how inequality has been rocketing ã How was this possible? Self-reinforcing interations between politics, big business, and economics ã The Dahlem group critique of the role of economics ã Needed: A change of the incentive system of academic economics ã A concluding discussion  Some illuminating statistics: the cost of the recent financial crisis for US citizens ã More then 8.4 million jobs lost and unemployment rates exceeded 10% (or more than 16% if people who have given up are included). ã Home prices have plummeted, wiping out nearly 40% of American families’ home equity from Dec 2006 to Dec 2008. ã Nearly 3 million homes have been foreclosed with more to come ã Unprecedented levels of personal and commercial bankruptcies ã In 2008 American households lost $11 trillion, 18% of their wealth  The effect on inequality ã Between 2001-2006 the share of income going to the top one percent was more than 50% ã Between 1979-2005, the top 0.1% received over 20% of all after tax income gains compared to 13.5 % by the bottom 60% of households ã US inequality has grown much more than in other rich democracies.
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