Advanced Search
MyIDEAS: Login

La crisis actual y la culpabilidad de la teoría macroeconómica

Contents:

Author Info

  • Paul Ormerod

    ()
    (Volterra Consulting)

Abstract

The ideas of modern macroeconomics provided the intellectual justification of the economic policies of the last 10 to 15 years. It is these ideas which the financial crisis falsified. The dominant paradigm in macroeconomic theory over the past 30 years has been that of rational agents who form rational expectations about the future and make optimal decisions. The aim of the paper is to study how these agents deal with risk and uncertainty, the source of the problems of the discipline of economics, the economy and the financial crisis. Modern macroeconomics has responsibility for the financial crisis, because imposes its intellectual foundation to a world that operates in situations involving risk that are systematically underestimated and leads to not recognized situations of genuine uncertainty.

Download Info

If 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.
File URL: http://www.uexternado.edu.co/facecono/ecoinstitucional/workingpapers/pormerod22.pdf
Download Restriction: no

Bibliographic Info

Article provided by Universidad Externado de Colombia - Facultad de Economía in its journal Revista de Economía Institucional.

Volume (Year): 12 (2010)
Issue (Month): 22 (January-June)
Pages: 111-128

as in new window
Handle: RePEc:rei:ecoins:v:12:y:2010:i:22:p:111-128

Contact details of provider:
Postal: Cra. 1 No. 12-68 Casa de las Mandolinas
Phone: (571) 2826066 Ext. 1307
Fax: (571) 2826066 Ext. 1304
Email:
Web page: http://www.economiainstitucional.com
More information through EDIRC

Related research

Keywords: rational agents; rational expectations; risk; uncertainty;

Find related papers by JEL classification:

References

References listed on IDEAS
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.:
as in new window
  1. Vasiliki Plerou & Parameswaran Gopikrishnan & Bernd Rosenow & Luis A. Nunes Amaral & H. Eugene Stanley, 1999. "Universal and non-universal properties of cross-correlations in financial time series," Papers cond-mat/9902283, arXiv.org.
  2. M. Woodford., 2010. "Convergence in Macroeconomics: Elements of the New Synthesis," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 10.
  3. Tovar, Camilo Ernesto, 2009. "DSGE Models and Central Banks," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 3(16), pages 1-31.
  4. Black, Fischer & Scholes, Myron S, 1973. "The Pricing of Options and Corporate Liabilities," Journal of Political Economy, University of Chicago Press, vol. 81(3), pages 637-54, May-June.
  5. Olivier Blanchard, 2009. "The Crisis: Basic Mechanisms and Appropriate Policies," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 10(1), pages 3-14, 04.
  6. Paul Ormerod & Rich Colbaugh, 2006. "Cascades of Failure and Extinction in Evolving Complex Systems," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 9(4), pages 9.
  7. Benoit Mandelbrot, 1963. "The Variation of Certain Speculative Prices," The Journal of Business, University of Chicago Press, vol. 36, pages 394.
  8. Lawrence H. Summers, 1986. "Some skeptical observations on real business cycle theory," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Fall, pages 23-27.
Full references (including those not matched with items on IDEAS)

Citations

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:rei:ecoins:v:12:y:2010:i:22:p:111-128. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Paola Rodríguez).

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.