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Here’s economist David Henderson [2] — editor of the splendid Concise Encyclopedia of Economics [3] — on the current financial turmoil. A sample paragraph:
The
best evidence is that the problem was triggered by previous government
regulation combined with an unrealistic belief on the part of many
people that housing prices could only go up. It is important to
understand the cause because, if we do not, we are unlikely to choose
good solutions. Indeed, the US federal government has, for the last few
months, chosen one bad solution after another.