Labourers work atop scaffolding at a residential construction site in Shanghai. An economist trained to look at data only is like a drunk looking for lost keys under the streetlight. He forgot to look in the dark, where he lost them. Photo: Reuters

When economics is not common sense, it’s a wake-up call for us all

Andrew Sheng says that, with pundits unable to read the obvious warning signs, and with ‘collective action’ a distant dream, it is time for greater awareness to avert a repeat of the global crisis

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Labourers work atop scaffolding at a residential construction site in Shanghai. An economist trained to look at data only is like a drunk looking for lost keys under the streetlight. He forgot to look in the dark, where he lost them. Photo: Reuters
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