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Financial and World Economic Crisis: What did Economists Contribute?

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Author Info
Gebhard Kirchgässner ()
Friedrich Schneider ()

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Abstract

In 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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File URL: http://www.vwa.unisg.ch/RePEc/usg/dp2009/DP-14-Ki.pdf
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Publisher Info
Paper provided by Department of Economics, University of St. Gallen in its series University of St. Gallen Department of Economics working paper series 2009 with number 2009-14.

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Length: 10 pages
Date of creation: Jul 2009
Date of revision:
Handle: RePEc:usg:dp2009:2009-14

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Related research
Keywords: Financial Crisis; Crisis Management; Failure of Economics; Failure of Economic Researchers; Origin of the Crisis.;

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Find related papers by JEL classification:
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 - - - Models of Political Processes: Rent-seeking, 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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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.:
  1. Andrei Shleifer, 1998. "State Versus Private Ownership," NBER Working Papers 6665, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Barry Eichengreen, 2008. "Origins and Responses to the Current Crisis," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 9(4), pages 6-11, December. [Downloadable!]
  3. Carmen M. Reinhart & Kenneth S. Rogoff, 2008. "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises," NBER Working Papers 13882, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Benoit Mandelbrot, 1963. "The Variation of Certain Speculative Prices," Journal of Business, University of Chicago Press, vol. 36, pages 394. [Downloadable!]
  5. repec:bep:evoice:5:2008:8:1 is not listed on IDEAS
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