Abstract
The collapse of Iceland’s banking system in the autumn of 2008 became a symbol of the global credit crunch. This volume contains essays and reports that were written before the collapse. The chapters provide insights into how economists saw Iceland’s economy. Did they see the crash coming? Did they choose to ignore it? Clearly, economists do not work in a vacuum. The application of subjective judgement in the presence of social incentives can lead economists astray. Iceland’s close-knit society values loyalty and is not conducive to dissent. Economists from other countries may have to be recruited. This book is a case study of the economics profession prior to a collapse of a financial system.
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Notes
Robert Skidelsky (2009), Keynes: the Return of the Master, BBS Public Affairs, New York.
Gylfi Zoega and Tryggvi Herbertsson (2006), Fyrirkomulag gengismála á Íslandi: Horft til Framtíðar, Institute of Economic Studies, University of Iceland.
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© 2011 Gylfi Zoega
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Zoega, G. (2011). The Chapters in this Volume. In: Aliber, R.Z., Zoega, G. (eds) Preludes to the Icelandic Financial Crisis. Palgrave Macmillan, London. https://doi.org/10.1057/9780230307148_2
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DOI: https://doi.org/10.1057/9780230307148_2
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-32543-6
Online ISBN: 978-0-230-30714-8
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)