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Introduction: the crisis of economies and economics

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  • Carlo D'Ippoliti

    (Sapienza University of Rome)

Abstract

The article introduces to the current issue of the journal by critically reviewing the articles published therein in light of both recent literature and current economic developments. The main topics dealt with concern the role of mainstream economics and ideology in creating the cultural and economic environment that lead to the crisis in the first place and that hinders now an effective policy response to it. Due to its institutional and governance failures, the European Union and the Eurozone in particular are being more affected by the crisis than any other economic area. There, while the recently rescued big financial institutions have started enjoying large profits from trading and speculation again, the sustainability of sovereign debts is being put under pressure due to lack of confidence in the face of severe austerity packages and the associated bleak growth perspectives. Overall, uncertainty concerning the international political and economic environment seem the main hindrance to economic recovery. However, clear strategies to restore confidence and a seemingly stable and �certain� economic context are not apparent at the horizon, with the necessary consequence that the financial crisis is most likely to continue exerting strong negative impacts on the real economy for a sustained period.

Suggested Citation

  • Carlo D'Ippoliti, 2011. "Introduction: the crisis of economies and economics," PSL Quarterly Review, Economia civile, vol. 64(257), pages 95-103.
    • Handle: RePEc:psl:pslqrr:2011:21
    as

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    File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/9414/9309
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    References listed on IDEAS

    as
    1. Paolo Bosi & Carlo D’Adda, 2011. "Politiche di sostegno della domanda in presenza di elevato debito pubblico," Moneta e Credito, Economia civile, vol. 64(253), pages 45-52.
    2. Angelo Reati, 2010. "Perch la teoria post-keynesiana non dominante," Moneta e Credito, Economia civile, vol. 63(252), pages 341-363.
    3. Jan Kregel, 2011. "Resolving the US financial crisis: politics dominates economics in the New Political Economy," PSL Quarterly Review, Economia civile, vol. 64(256), pages 23-37.
    4. Francisco De Castro & Javier J. Pérez & Marta Rodríguez‐Vives, 2013. "Fiscal Data Revisions in Europe," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 45(6), pages 1187-1209, September.
    5. Carlo D'Ippoliti, 2011. "Introduzione: la crisi economica e della scienza economica," Moneta e Credito, Economia civile, vol. 64(254), pages 95-104.
    6. Mario Tonveronachi, 2010. "Empowering supervisors with more principles and discretion to implement them will not reduce the dangers of the prudential approach to financial regulation," PSL Quarterly Review, Economia civile, vol. 63(255), pages 363-378.
    7. Stefano Fenoaltea, 2010. "The reconstruction of historical national accounts: the case of Italy," PSL Quarterly Review, Economia civile, vol. 63(252), pages 77-96.
    8. Terenzio Cozzi, 2011. "La crisi della macroeconomia," Moneta e Credito, Economia civile, vol. 64(253), pages 31-44.
    9. Alberto Quadrio Curzio, 2011. "Economie in crisi: Eurolandia dalla resistenza alla ricostruzione," Moneta e Credito, Economia civile, vol. 64(254), pages 105-114.
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    More about this item

    Keywords

    crisis; uncertainty; mainstream economics; Europe;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory

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