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Financial and world economic crisis: What did economists contribute?

  • Friedrich Schneider

    ()

  • Gebhard Kirchgässner

    ()

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://hdl.handle.net/10.1007/s11127-009-9479-y
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Article provided by Springer in its journal Public Choice.

Volume (Year): 140 (2009)
Issue (Month): 3 (September)
Pages: 319-327

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Handle: RePEc:kap:pubcho:v:140:y:2009:i:3:p:319-327
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  1. Carmen M. Reinhart & Kenneth S. Rogoff, 2014. "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises," Annals of Economics and Finance, Society for AEF, vol. 15(2), pages 1065-1188, November.
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