Kling, Arnold
March 2010
Harvard Journal of Law & Public Policy;Spring2010, Vol. 33 Issue 2, p507
Academic Journal
This may be our first epistemologically-driven depression. (Epistemology is the branch of philosophy that deals with the nature and limits of knowledge, with how we know what we think we know.) That is, a large role was played by the failure of the private and corporate actors to understand what they were doing. Most heads of ailing or deceased financial institutions did not comprehend the degree of risk and exposure entailed by the dealings of their underlings--and many investors, including municipalities and pension funds, bought financial instruments without understanding the risks involved.(n1)


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