What economic model did the 2008 financial crisis cause Posner to question?
The Keynesian macroeconomic model
Marxist economic model
The rational-choice, laissez-faire economic model
Sraffian economic model
Answer
The rational-choice, laissez-faire economic model assumes individuals make rational choices in their own self-interest, and that markets are self-correcting. However, the 2008 financial crisis challenged these assumptions, as individuals and markets failed to act rationally. Richard Posner, who had previously supported this model, began to question its validity in light of the crisis.
The Positively Posner Quiz: Test Your Knowledge on Judge Richard Posner
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What is Posner's stance on animal rights?
What is the name of the university where Posner is a senior lecturer?
Which of these topics has Posner NEVER written about?
In which field is Posner considered as one of the most influential scholars in the United States?
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