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The (un)predictability of the crisis and the pluralism in Economics

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  • Luís Felipe Lopes Milaré

Abstract

This paper discusses the predictability of the last global economic crisis relating it to the lack of pluralism in Economics. In order to do so, first is presented a literature review of the development of economic theory in recent years. Then the two main views on the predictability of the crisis are presented: (1) the economic models used to understand the economy did not incorporate bubbles so, the crisis was unpredictable; and (2) the crisis was predictable when applied other methods of understanding the economy. JEL Classification: B4; B5.

Suggested Citation

  • Luís Felipe Lopes Milaré, 2013. "The (un)predictability of the crisis and the pluralism in Economics," Brazilian Journal of Political Economy, Center of Political Economy, vol. 33(4), pages 659-670.
    • Handle: RePEc:ekm:repojs:v:33:y:2013:i:4:p:659-670:id:334
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/334/326
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    Keywords

    crisis; pluralism in Economics;

    JEL classification:

    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches

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