A Critical Analysis of the Main Theoretical and Methodological Tenets of Real Business Cycle Theory. Is It Suitable to Understand the Global Financial Crisis of 2007/08?

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Exploring the Global Financial Crisis of 2007/08, this essay examines the oversight of economists in predicting and advising against economic turmoil. It reflects on Queen Elizabeth II's poignant question about the lack of foresight and analysis within the economic community. The paper critically assesses the failures in economic theory and practice that contributed to the crisis, prompting a discussion on the role of economists in crisis prevention and the implications for future policy-making.