Financial and world economic crisis: What did economists contribute?
AbstractIn this paper we deal with two questions, (i) what are the origins of the current financial crisis, and (ii) what did economists contribute, or why did economists fail to provide a convincing answer for the origins of the crisis, and possible solutions to overcome it? Apparently, the economics profession was unaware of the looming worldwide financial and economic crisis, and significantly underestimated its global dimensions and consequences. A first and prelimi-nary analysis is undertaken to explore reasons for these failures. We conclude by pointing to some consequences for economics as well as for economic policy.
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Bibliographic InfoArticle provided by Springer in its journal Public Choice.
Volume (Year): 140 (2009)
Issue (Month): 3 (September)
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Web page: http://www.springerlink.com/link.asp?id=100332
Financial crisis; Crisis management; Failure of economics; Failure of economic researchers; Origin of the crisis; A11; B40; D72; D73; D8; G01; K2;
Other versions of this item:
- Gebhard Kirchgässner & Friedrich Schneider, 2009. "Financial and World Economic Crisis: What did Economists Contribute?," University of St. Gallen Department of Economics working paper series 2009 2009-14, Department of Economics, University of St. Gallen.
- A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
- B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
- D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
- D73 - Microeconomics - - Analysis of Collective Decision-Making - - - Bureaucracy; Administrative Processes in Public Organizations; Corruption
- D8 - Microeconomics - - Information, Knowledge, and Uncertainty
- G01 - Financial Economics - - General - - - Financial Crises
- K2 - Law and Economics - - Regulation and Business Law
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