This article is part of the May 2021 Spotlight US series, "How the pandemic has changed US healthcare marketing." Read more
During a briefing by academics at the London School of Economics during the 2008 financial crisis, Queen Elizabeth II asked the question on the minds of many of her subjects: "Why did nobody see it coming?"
The response by her advisors was blunt:
Economics could not explain the crisis because current economic theory has established it cannot predict such crises. As John Kay, one of Britain’s leading economists wroteshortly afterwards, "Faced with...