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A lecture explaining the causes of the 2008-9 world financial crisis in terms of ordinary economic processes. The lecture was delivered at the 39th St. Gallen Symposium, University of St. Gallen, Switzerland, and 8 May 2009. The authors are from the centre not for rationality but for the study of rationality. There is a difference. In the Centre for the paper of Rationality they have some highly practical people, and the author is not one of them. The author is a theoretician and the author does not understand very well how the real world works.
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