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The great crash of 2008 and the reform of economics


  • 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.

Suggested Citation

  • Geoffrey M. Hodgson, 2009. "The great crash of 2008 and the reform of economics," Cambridge Journal of Economics, Oxford University Press, vol. 33(6), pages 1205-1221, November.
  • Handle: RePEc:oup:cambje:v:33:y:2009:i:6:p:1205-1221

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    References listed on IDEAS

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    Cited by:

    1. Kosta Josifidis & Alpar Lošonc & Novica Supić, 2010. "Neoliberalism: Befall or Respite?," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 57(1), pages 101-117, March.
    2. Parada, Jairo, 2016. "Economia Pluralista para Enfrentar Crisis Contemporanea
      [Pluralist Economics to Confront Recent Crisis]
      ," MPRA Paper 72224, University Library of Munich, Germany, revised 15 May 2016.
    3. Emma Tredgett & Alex Coad, 2015. "The shaky start of the UK Small Business Research Initiative (SBRI) in Comparison to the US Small Business Innovation Research Programme (SBIR)," Management Working Papers 10, Birkbeck Department of Management, revised Jun 2015.
    4. Hazel Gray, 2016. "Access Orders and the ‘New’ New Institutional Economics of Development," Development and Change, International Institute of Social Studies, vol. 47(1), pages 51-75, January.
    5. de Area Leão Pereira, Eder Johnson & da Silva, Marcus Fernandes & Pereira, H.B.B., 2017. "Econophysics: Past and present," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 473(C), pages 251-261.
    6. Olga B. Koshovets & Igor E. Frolov, 2014. "The Current Financial And Economic Crisis As A New Stage Of Transformation Of The Global Economy," Economy & Business Journal, International Scientific Publications, Bulgaria, vol. 8(1), pages 399-412.
    7. Csaba, László, 2013. "Kérdőjelek a közgazdaságtanban és oktatásában
      [Challenges in economic research and education]
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 47-63.
    8. David Dequech, 2016. "Some Institutions (Social Norms And Conventions) Of Contemporary Mainstream Economics, Macroeconomics, And Financial Economics," Anais do XLIII Encontro Nacional de Economia [Proceedings of the 43rd Brazilian Economics Meeting] 006, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
    9. Hassan Bougrine, 2012. "Fiscal austerity, the Great Recession and the rise of new dictatorships," Review of Keynesian Economics, Edward Elgar Publishing, vol. 1(0), pages 109-125.
    10. Yong Tao, 2016. "Spontaneous economic order," Journal of Evolutionary Economics, Springer, vol. 26(3), pages 467-500, July.
    11. repec:sos:sosjrn:170312 is not listed on IDEAS
    12. Ilene Grabel, 2015. "The rebranding of capital controls in an era of productive incoherence," Review of International Political Economy, Taylor & Francis Journals, vol. 22(1), pages 7-43, February.

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