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The credit crunch: Ideological, psychological and epistemological perspectives

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  • Lewis, Alan
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    Abstract

    Two economic interpretations of the credit crunch are outlined and the question posed whether these are incommensurate ideological positions. Psychological perspectives are then explored including insights from cognitive and social psychology. The argument is made that policy options depend on what constitutes the 'good society' and whether the culture of financial institutions can be changed by government intervention, social pressure and human agency. It is concluded that those interested in socio-economics have a duty to engage with alternative discourses.

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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics).

    Volume (Year): 39 (2010)
    Issue (Month): 2 (April)
    Pages: 127-131

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    Handle: RePEc:eee:soceco:v:39:y:2010:i:2:p:127-131

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    Web page: http://www.elsevier.com/locate/inca/620175

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    Keywords: Financial crisis Psychological aspects;

    References

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    1. Moore, Don A. & Kurtzberg, Terri R. & Fox, Craig R. & Bazerman, Max H., 1999. "Positive Illusions and Forecasting Errors in Mutual Fund Investment Decisions, , , ," Organizational Behavior and Human Decision Processes, Elsevier, vol. 79(2), pages 95-114, August.
    2. Werner F. M. De Bondt & William P. Forbes*, 1999. "Herding in analyst earnings forecasts: evidence from the United Kingdom," European Financial Management, European Financial Management Association, vol. 5(2), pages 143-163.
    3. George A. Akerlof, 2009. "How Human Psychology Drives the Economy and Why It Matters," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 91(5), pages 1175-1175.
    4. Jones, Philip R & Cullis, John G & Lewis, Alan, 1998. "Public versus Private Provision of Altruism: Can Fiscal Policy Make Individuals 'Better' People?," Kyklos, Wiley Blackwell, vol. 51(1), pages 3-24.
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    Cited by:
    1. Söderberg, Inga-Lill & Wester, Misse, 2012. "Lay actions in the face of crisis—Swedish citizens’ actions in response to the global financial crisis of 2008," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 41(6), pages 796-805.
    2. Rötheli, Tobias F., 2012. "Boundedly rational banks’ contribution to the credit cycle," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 41(5), pages 730-737.
    3. Lewis, Alan & Bardis, Alexander & Flint, Chloe & Mason, Claire & Smith, Natalya & Tickle, Charlotte & Zinser, Jennifer, 2012. "Drawing the line somewhere: An experimental study of moral compromise," Journal of Economic Psychology, Elsevier, vol. 33(4), pages 718-725.
    4. Sabine Frerichs, 2011. "False Promises? A Sociological Critique of the Behavioural Turn in Law and Economics," Journal of Consumer Policy, Springer, vol. 34(3), pages 289-314, September.

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