Her Majesty The Queen
Buckingham Palace
London
SW1A 1AA
29 July 2009
MADAM,
In response to your question why no one predicted the crisis you have recently received a letter from Professors Tim Besley and Peter Hennessy, sent on behalf of the British Academy. They claim economists’ failure to foresee the crisis was the result of a “failure of the collective imagination.” That claim is tendentious and will mislead you. (more…)