US Financial Crisis: Where are the US Economists?



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Code : ECC0010

Year :
2008

Industry : Banking, Insurance and Financial Services

Region : US

Teaching Note: Available

Structured Assignment : Available

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Abstract: This case was written primarily to debate on the proactive role that could have been played by some of the celebrated US economists. After all, these very (atleast some of them) economists were advising various economies across the world, whenever any of them faced either economic or financial crisis. In 2008, the US financial crisis assumed huge proportions, shaking the world economy. The magnanimity of the crisis makes one wonder what the celebrated economists of the US were doing when the economy and its flagship financial services industry was deteriorating. Couldn't they foresee and forewarn about the consequences of the mortgage mess? In fact, many economists did foresee and forewarn that the US was headed for a huge financial crisis. Many of the economists' predictions were nevertheless ignored. The case study 'US Financial Crisis: Where are the US Economists?' presents the dilemma whether the crisis was inevitable irrespective of the predictions. Was ignorance on all fronts the real culprit behind the crisis?

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Pedagogical Objectives:

  • To understand if the US financial crisis was inevitable
  • To debate on whether US financial crisis (2008) could have been prevented if some of the US economists were proactive
  • To debate on the role played out by US-dominated two international institutions – IMF and World Bank– in preventing US financial crisis (2008).
    Keywords : Financial crisis, Subprime mortgage, Housing, Recession, US debacle, Economists, Paul Krugman, Joseph E. Stiglitz, Nouriel Roubini, Economic forecasts, Economic predictions, Henry Paulson, Alan Greenspan, Paul Volcker

    Contents :
    » Financial Crisis: Was it Foreseen by the Economists?
    » Ignored due to Ignorance


    Case Introduction >>


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