“Too large a proportion of recent ‘mathematical’ economics are merely concoctions, as imprecise as the initial assumptions they rest on, which allow the author to lose sight of the complexities and interdependencies of the real world in a maze of pretentious and unhelpful symbols.” J.M. Keynes in The General Theory of Employment, Interest and Money. 2008?
St Augustine’s views on original sin would have been helpful to the banks, let alone the common sense observation that if you lend money to people who have no hope of paying it back you are likely to lose it. Except they didn’t. They were bailed out to the tune of $12 trillion. Who wouldn’t behave irresponsibly with that cushion?