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But it also revealed as useless the mathematical contortions of academic economics. This for two reasons:(1) Almost no-one predicted the world wide downtown.Academic economists were confident that episodes like the Great Depression had been confined to the dust bins of history.The technical demands helped limit the supply of economists.
Not much by the pornographic standards of finance, but a fat paycheck compared to your average English or Physics professor. Journeyman assistant professors in economics routinely come in at 0,000 or more.
Economics had powerful insights to offer the world, insights worth a lot of treasure. Any major university or research institute wanted to arm itself with this potency.
The current recession has revealed the weaknesses in the structures of modern capitalism.
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