On the Crisis: Back to the Classics!
AbstractWhy had so few economists foreseen the crisis? The main reason is that economics has turned into a branch of applied mathematics, detached from real world institutions. In a monetary economy of production, real factors and financial factors are intertwined, and crisis is consequently no mere chance. Keynes and Marx show that the opposite is true: equilibrium can only come about by accident or design, for equilibrium ein Zufall ist. The shortcomings of the economic society in which we live are its failure to provide for full employment and its arbitrary and inequitable distribution of wealth and incomes, i.e. the same faults denounced by Keynes in 1936. And Keynes’s social philosophy is the only way out.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Associazione Rossi Doria in its journal QA.
Volume (Year): (2010)
Issue (Month): 3 (September)
Contact details of provider:
Postal: Via Silvio d'Amico 77, - 00145 Rome Italy
Phone: +39 06 57114743
Fax: +39 06 57114774
Web page: http://host.uniroma3.it/associazioni/rossidoria/qa.asp
More information through EDIRC
Role of economics; Role of economists; Financial crisis; History of economic thought;
Find related papers by JEL classification:
- A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
- G01 - Financial Economics - - General - - - Financial Crises
- B00 - Schools of Economic Thought and Methodology - - General - - - History of Economic Thought, Methodology, and Heterodox Approaches
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Targetti, Ferdinando, 1992. "Nicholas Kaldor: The Economics and Politics of Capitalism as a Dynamic System," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780198283485, October.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ().
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.