In their painstakingly researched book, “This Time is Different: Eight Centuries of Financial Folly”, Kenneth Rogoff and Carmen Reinhart show how over eight hundred years, all financial crises can be traced to the same fundamental causes as if we learnt nothing from one crisis to the next.
Each time, experts have chimed that “this time is different” claiming that the old rules do not apply and the new situation is dissimilar to the previous one. If only training in economics had included a study of economic history, perhaps we could have avoided repeating history, never mind as a farce or as a tragedy. 27.