Crisis and the Failure of Economic Theory

The Responsibility of Economists for the Great Recession

Business & Finance, Economics, Money & Monetary Policy, Macroeconomics
Cover of the book Crisis and the Failure of Economic Theory by Giancarlo Bertocco, Edward Elgar Publishing
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Author: Giancarlo Bertocco ISBN: 9781785365355
Publisher: Edward Elgar Publishing Publication: March 31, 2017
Imprint: Language: English
Author: Giancarlo Bertocco
ISBN: 9781785365355
Publisher: Edward Elgar Publishing
Publication: March 31, 2017
Imprint:
Language: English
Economists have rightly been criticized for not having foreseen the crisis that exploded in 20072008. As Giancarlo Bertocco eloquently argues, responsibility does indeed rest heavily on their shoulders. By developing a theory which excluded the possibility that a catastrophic crisis could ever happen, the economics profession has justified decisions and behaviours that caused the Great Recession. This book presents an alternative theoretical approach built on the lessons of Marx, Keynes, Schumpeter, Kalecki, Kaldor and Minsky, which highlights the structural instability of a capitalist economy and the endogenous nature of the current crisis.
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Economists have rightly been criticized for not having foreseen the crisis that exploded in 20072008. As Giancarlo Bertocco eloquently argues, responsibility does indeed rest heavily on their shoulders. By developing a theory which excluded the possibility that a catastrophic crisis could ever happen, the economics profession has justified decisions and behaviours that caused the Great Recession. This book presents an alternative theoretical approach built on the lessons of Marx, Keynes, Schumpeter, Kalecki, Kaldor and Minsky, which highlights the structural instability of a capitalist economy and the endogenous nature of the current crisis.

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