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« Can Banking Reform End the Boom and Bust Cycle? | Main | Read and React -- Colander's Testimony on Capitol Hill About Economics »

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But are you likely to fix any of this, given political and cultural realities? And who is the "you"? The hypothetical is worth knowing but lack of knowledge may not be the problem.

Everytime I read something like this I wonder why economists like Acemoglu and Sachs never bothered to have one of their RAs photocopy a three page encyclopedia entry on the history of geographical determinism... But then again, pointing out that all the main arguments for and against it (including the importance of institutions) were elaborated upon by authors ranging from Vitrivius to Voltaire is obviously of no immediate interest...

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