What is the point of economists?
"Why did no one see the crisis coming?” Queen Elizabeth asked last year. “A failure of the collective imagination of many bright people” who were all “doing their job properly on its own merit”, was the answer many of those bright people gave in a letter to the Queen last week."
Adiabatic? Explaining the failure.
Adiabatic being ".. a process occurring in a thermally insulated system, so that there is no flow of heat to or from the surroundings." .. thinking being the process occurring, and the flow of heat, represent the flow of thoughts and ideas, thinking insulated from the surroundings.
It occurs by, "..conditions imposed on a process..", the individual sets the thinking process, and at the same time is driven by "..conditions under which the process occurs naturally..", being a natural reaction in every individual.
and the goal is for ".. states to remain unchanged during the course of reaction"
as it " .. exhibits inherent robustness .. " one of its attributes from another field the term adiabatic is used by.
Why so many bright people, each one, an active individual, a system by itself and as a system, the individual, being adiabatic. Each one doing their job, at the best its job it can be done, in its field of expertise. Moment and energy utilised, job properly done on its own merit, but confined expended within the boundaries of the system, that the very same individual comprises.
An individual's primary goal, its integrity. Preserving itself as a whole overriding, restricting the thoughts and ideas contemplated, its very own imagination. This being in direct opposition to any assumed collective attributes, negating the collective.
Its collective standpoint weak, fragile. Collective kept to a minimum, with loose ties to the system, the individual embeds itself in.
Why did they not see the crisis coming?
It was not their priority. Their priority being to preserve their integrity of being, allowing them only to engage, with other individuals whose liaisons lie within the scope of promoting their integrity as systems and what draw and focus(ed) their attention was (and is, what threatens it. Bounds imagination.
Collective? Not as far as it is needed, demanded.