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The great crash of 2008 and the reform of economics

Listed author(s):
  • Geoffrey M. Hodgson

The 2008 economic crash led to remarkable shifts of opinion among world leaders. Does this crisis create favourable conditions for the reform and revitalisation of economics itself--from a subject dominated by mathematical techniques to a discipline more oriented to understanding real-world institutions and actors? And why were warnings of financial collapse not heeded? Recent shortcomings are partly related to the global triumph of market individualist ideology and partly to the exaggerated roles of modelling and quantification. These failures of economics are partly peculiar to the discipline and also a result of other wider institutional and cultural forces. Copyright The Author 2009. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.

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File URL: http://hdl.handle.net/10.1093/cje/bep050
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Article provided by Oxford University Press in its journal Cambridge Journal of Economics.

Volume (Year): 33 (2009)
Issue (Month): 6 (November)
Pages: 1205-1221

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Handle: RePEc:oup:cambje:v:33:y:2009:i:6:p:1205-1221
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  1. Hodgson, Geoffrey M & Rothman, Harry, 1999. "The Editors and Authors of Economics Journals: A Case of Institutional Oligopoly?," Economic Journal, Royal Economic Society, vol. 109(453), pages 165-186, February.
  2. J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, Oxford University Press, vol. 51(2), pages 209-223.
  3. David Colander, 2009. "The Making of a European Economist," Books, Edward Elgar Publishing, number 13617.
  4. Stigler, George J & Stigler, Stephen M & Friedland, Claire, 1995. "The Journals of Economics," Journal of Political Economy, University of Chicago Press, vol. 103(2), pages 331-359, April.
  5. Donald MacKenzie, 2006. "An Engine, Not a Camera: How Financial Models Shape Markets," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262134608, September.
  6. Jan Kregel, 2009. "Why don't the bailouts work? Design of a new financial system versus a return to normalcy," Cambridge Journal of Economics, Oxford University Press, vol. 33(4), pages 653-663, July.
  7. Samuelson, Paul A. & Patinkin, Don & Blaug, Mark, 1991. "On the Historiography of Economics: A Correspondence," Journal of the History of Economic Thought, Cambridge University Press, vol. 13(02), pages 144-158, September.
  8. Bruno S. Frey & Reiner Eichenberger, 1993. "American and European Economics and Economists," Journal of Economic Perspectives, American Economic Association, vol. 7(4), pages 185-193, Fall.
  9. Mark Blaug, 1991. "The Historiography of Economics," Books, Edward Elgar Publishing, number 632.
  10. Krueger, Anne O, et al, 1991. "Report of the Commission on Graduate Education in Economics," Journal of Economic Literature, American Economic Association, vol. 29(3), pages 1035-1053, September.
  11. Geoffrey Hodgson, 2005. "Knowledge at work: Some neoliberal anachronisms," Review of Social Economy, Taylor & Francis Journals, vol. 63(4), pages 547-565.
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