Lastly, the current generation of models of the economy has proved deficient above all in representing the aspects that are most important in the transmission of the current crisis, those involving the interrelations between financial markets and the real economy.
Regularity and discontinuity As to the first of the three shortcomings I mention, economic systems constantly evolve and transform themselves under the influence of: changes in institutional arrangements, legislative provisions and market regulation; the introduction of new technological paradigms; and the revised objectives, strategies and methods of operation of policy-makers.