Indeed, the academic literature was chock-full of models of financial bubbles, asymmetric information, incentive distortions, self-fulfilling crises, and systemic risk. But, in the years leading up to the crisis, many economists downplayed these models’ lessons in favor of models of efficient and self-correcting markets, which, in policy terms, resulted in inadequate governmental oversight over financial markets.
就拿全球金融危机来说吧。宏观经济学和金融学并不缺乏理解危机如何产生和发展所需的工具。事实上，关于金融泡沫、不对称信息、激励扭曲、自我实现的危机以及系统风险的模型汗牛充栋。但是，在危机到来前的几年中，许多经济学家低估了这些模型，为的是赞成有效和自我纠正的市场模型，其政策结果就是政府对金融市场的监管不足。