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Some Aspects of the Economic Crisis

  • Horst Todt


    (University of Hamburg, Germany)

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    The article comments on some aspects of the present economic crisis. The role of bonuses in a system with principal-agent relationship is discussed. Several other features like the responsibility of rating institutes are considered. A main point is to question our knowledge about the crisis. New developments in economics take soft factors into account. These factors and the fact that at most "bounded rationality" guides human action throw some doubt on ready-to-hand judgments.

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    Article provided by Academy of Economic Studies - Bucharest, Romania in its journal The AMFITEATRU ECONOMIC journal.

    Volume (Year): 11 (2009)
    Issue (Month): Number Special 3 (November)
    Pages: 667-674

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    Handle: RePEc:aes:amfeco:v:11:y:2009:i:number_special_3:p:667-674
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    1. John H. Boyd & Gianni De Nicolã, 2005. "The Theory of Bank Risk Taking and Competition Revisited," Journal of Finance, American Finance Association, vol. 60(3), pages 1329-1343, 06.
    2. George A. Akerlof, 2009. "How Human Psychology Drives the Economy and Why It Matters," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 91(5), pages 1175-1175.
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