The great crash of 2008 and the reform of economics
The 2008 economic crash led to remarkable shifts of opinion among world leaders. Does this crisis create favourable conditions for the reform and revitalisation of economics itself—from a subject dominated by mathematical techniques to a discipline more oriented to understanding real-world instituti...
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| Veröffentlicht in: | Cambridge journal of economics 2009-11, Vol.33 (6), p.1205-1221 |
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| container_end_page | 1221 |
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| container_title | Cambridge journal of economics |
| container_volume | 33 |
| creator | Hodgson, Geoffrey M. |
| description | The 2008 economic crash led to remarkable shifts of opinion among world leaders. Does this crisis create favourable conditions for the reform and revitalisation of economics itself—from a subject dominated by mathematical techniques to a discipline more oriented to understanding real-world institutions and actors? And why were warnings of financial collapse not heeded? Recent shortcomings are partly related to the global triumph of market individualist ideology and partly to the exaggerated roles of modelling and quantification. These failures of economics are partly peculiar to the discipline and also a result of other wider institutional and cultural forces. |
| doi_str_mv | 10.1093/cje/bep050 |
| format | Article |
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| ispartof | Cambridge journal of economics, 2009-11, Vol.33 (6), p.1205-1221 |
| issn | 0309-166X 1464-3545 |
| language | eng |
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| source | JSTOR Archive Collection A-Z Listing; Oxford University Press Journals All Titles (1996-Current) |
| subjects | A11 A13 A20 B50 COMMENTARY D80 Economic crises Economic liberalism Economic modeling Economic models Economic recessions Economic reform Economic research Economic theory Economics Financial crisis Financial economics Free markets G01 Hyman Minsky Ideology Individualism John Maynard Keynes Keynesianism Mathematical analysis Reform of economics Research trends Sharing economy Studies Substance versus technique Warnings World economy |
| title | The great crash of 2008 and the reform of economics |
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