|The Economic Myths |
That No Longer Serve
Myron Scholes and Robert C. Merton won the 1997 Nobel Prize in Economics for developing a new method for determining the value of financial derivatives: the scientific basis to ensure the success of millionaire hedge funds (hedge funds, high risk). Discovered the philosopher's stone, they are being put to work through the Long Term Capital Management. The results were certainly impressive, but not in the expected direction: in 1998, the fund lost 4,600 million dollars and had to be rescued by the government. In 2000, was closed.
The opinions, in economics, are often disguised as truth, especially if they have a powerful speaker behind the media, academic or business, but the reality is more complex. So much so that we have entered 2012 and the public pension system is nowhere near break in Spain, although since the mid 1990's very solvent studies - often sponsored by financial institutions - predicted safe and imminent bankruptcy, and the new millennium.
Many of the economic approaches have become hegemonic "not hold or on its own terms," said Miren Etxezarreta, professor emeritus at the Universitat Autònoma de Barcelona. In his opinion, it is actually "myths" that can be "valid within their own particular paradigm."
2011 has been a devastating year for some of the "myths" more widespread than economic, however, in 2012 continue to enjoy good health.'s Office has chosen 11: