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The Economics Profession, the Financial Crisis, and Method

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  • David Colander

Abstract

In 2007-2008, the world economy came perilously close to a systemic failure in which a financial system collapse almost undermined the entire world economy as we know it. These events have led some to fault the economics profession for its failure to predict the crisis, and to ask whether the crisis will lead the economics profession to change its ways. In this paper, I will discuss these two issues, and then turn to some suggestions for institutional changes in the economics profession that might lead to better outcomes in the future.
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Suggested Citation

  • David Colander, 2010. "The Economics Profession, the Financial Crisis, and Method," Middlebury College Working Paper Series 1038, Middlebury College, Department of Economics.
    • Handle: RePEc:mdl:mdlpap:1038
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    File URL: http://www.middlebury.edu/services/econ/repec/mdl/ancoec/1038.pdf
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    References listed on IDEAS

    as
    1. Timothy Taylor, 2010. "Recommendations for Further Reading," Journal of Economic Perspectives, American Economic Association, vol. 24(1), pages 241-248, Winter.
    2. Colander, David C., 2009. "Economists, incentives, judgment, and the European CVAR approach to macroeconometrics," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 3, pages 1-21.
    3. Timothy Taylor, 2010. "Recommendations for Further Reading," Journal of Economic Perspectives, American Economic Association, vol. 24(4), pages 219-226, Fall.
    4. Timothy Taylor, 2010. "Recommendations for Further Reading," Journal of Economic Perspectives, American Economic Association, vol. 24(3), pages 251-258, Summer.
    5. Colander,David (ed.), 2006. "Post Walrasian Macroeconomics," Cambridge Books, Cambridge University Press, number 9780521865487, September.
    6. Colander,David (ed.), 2006. "Post Walrasian Macroeconomics," Cambridge Books, Cambridge University Press, number 9780521684200, September.
    7. Timothy Taylor, 2010. "Recommendations for Further Reading," Journal of Economic Perspectives, American Economic Association, vol. 24(2), pages 227-234, Spring.
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    Cited by:

    1. Giancarlo Bertocco, 2011. "Housing bubble and economic theory: is mainstream theory able to explain the crisis?," Economics and Quantitative Methods qf1116, Department of Economics, University of Insubria.
    2. Stavros A. DRAKOPOULOS, 2016. "Economic crisis, economic methodology and the scientific ideal of physics," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 10(1), pages 28-57, November.
    3. Chen, Shu-Heng & Chang, Chia-Ling & Tseng, Yi-Heng, 2014. "Social networks, social interaction and macroeconomic dynamics: How much could Ernst Ising help DSGE?," Research in International Business and Finance, Elsevier, vol. 30(C), pages 312-335.
    4. Giancarlo Bertocco, 2011. "Finance and risk: does finance create risk?," Economics and Quantitative Methods qf1115, Department of Economics, University of Insubria.
    5. Dan Fuller & Doris Geide-Stevenson, 2014. "Consensus Among Economists-An Update," The Journal of Economic Education, Taylor & Francis Journals, vol. 45(2), pages 131-146, June.
    6. Hanappi, Hardy, 2011. "Signs of reality - reality of signs. Explorations of a pending revolution in political economy," MPRA Paper 31570, University Library of Munich, Germany.

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