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How reflexive have economists been in the wake of the crisis: ‘the times they are a–changin’?

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  • Ioana Negru

    ()
    (Anglia Ruskin University, Cambridge)

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    Abstract

    The current global economic crisis provides a window of opportunity for both reflection and change within economics. This paper examines the response of the discipline to questions surrounding the need for change by surveying commentaries provided by economists (and to some extent economic commentators) within the media and literature of professional economics associations. The paper seeks to address two questions. Firstly, is there recognition that the economic crisis poses serious questions for the discipline of economics – and if so what is the scale and nature of this self-awareness? Secondly, the paper seeks to identify the type of diagnoses being provided by the economics profession in terms of whether the clamor for change relates to focus, theoretical framework, or methodological foundations of the disciplines (or all three). Empirical findings suggest that future effort might be better directed towards economic theory and its assumptions rather than towards method and methodology.

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    File URL: http://www.postkeynesian.net/downloads/wpaper/PKWP1306.pdf
    File Function: First version, 2013
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    Bibliographic Info

    Paper provided by Post Keynesian Economics Study Group (PKSG) in its series Working Papers with number PKWP1306.

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    Length: 25 pages
    Date of creation: Jul 2013
    Date of revision:
    Handle: RePEc:pke:wpaper:pkwp1306

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    Web page: http://www.postkeynesian.net
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    Related research

    Keywords: Reflexivity; change in economics; methodology in economics; economic crisis; economists’ practices;

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    References

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    1. Thomas I. Palley, 2009. "After the Bust: The Outlook for Macroeconomics and Macroeconomic Policy," Economics Public Policy Brief Archive ppb_97, Levy Economics Institute.
    2. Tony Lawson, 2009. "The current economic crisis: its nature and the course of academic economics," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 33(4), pages 759-777, July.
    3. Colander, David, 2003. "The Aging of an Economist," Journal of the History of Economic Thought, Cambridge University Press, Cambridge University Press, vol. 25(02), pages 157-176, June.
    4. David Colander, 1998. "The Sounds of Silence: The Profession's Response to the COGEE Report," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, Agricultural and Applied Economics Association, vol. 80(3), pages 600-607.
    5. D. COLANDER & al., 2010. "The Financial Crisis and the Systemic Failure of Academic Economics," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 6.
    6. Axel Leijonhufvud, 2009. "Out of the corridor: Keynes and the crisis," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 33(4), pages 741-757, July.
    7. Jamie Morgan, 2009. "The limits of central bank policy: economic crisis and the challenge of effective solutions," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 33(4), pages 581-608, July.
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