Economist provides a summary of issues/challenges and potential outcomes of sub prime lending in their articles:
What went wrong with economics And how the discipline should change to avoid the mistakes of the past
The other-worldly philosophers - Although the crisis has exposed bitter divisions among economists, it could still be good for economics. Our first article looks at the turmoil among macroeconomists.
The efficient-markets hypothesis has underpinned many of the financial industry’s models for years. After the crash, what remains of it?
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