How Crises Shaped Economic Ideas and Policies

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The exploration of economic thought reveals its varying success in predicting and addressing crises throughout history, from ancient famines to modern financial collapses. The author highlights instances where established theories fell short and lost relevance, alongside moments when innovative theories emerged in response to crises. This analysis provides valuable insights for researchers and scholars seeking to understand the relationship between theoretical advancements in economics and the realities of economic turmoil.