Neoclassical models in policy making fail to predict and address crises.
The article discusses how using certain economic models to test policies can help predict their success. However, these models failed to predict or address the 2008-9 Global Financial Crisis. The paper suggests that policymakers should rely less on these models and take more responsibility for managing different viewpoints in decision-making. Neoclassical models will still be used to test policies, but they need to be improved to consider factors like income distribution.