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How reflexive have economists been in the wake of the crisis: 'The times they are a -changin'?

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  • Ioana Negru

Abstract

The current global economic crisis provides a window of opportunity for both reflection and change within economics. This paper examines the response of the discipline to questions surrounding the need for change by surveying commentaries provided by economists (and to some extent economic commentators) within the media and literature of professional economics associations. The paper seeks to address two questions. Firstly, is there recognition that the economic crisis poses serious questions for the discipline of economics – and if so what is the scale and nature of this self-awareness? Secondly, the paper seeks to identify the type of diagnoses being provided by the economics profession in terms of whether the clamor for change relates to focus, theoretical framework, or methodological foundations of the disciplines (or all three). Empirical findings suggest that future effort might be better directed towards economic theory and its assumptions rather than towards method and methodology.

Suggested Citation

  • Ioana Negru, 2013. "How reflexive have economists been in the wake of the crisis: 'The times they are a -changin'?," Working Papers PKWP1306, Post Keynesian Economics Society (PKES).
    • Handle: RePEc:pke:wpaper:pkwp1306
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    File URL: https://postkeynesian.net/media/working-papers/PKWP1306_3ILSgy3.pdf
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    References listed on IDEAS

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    Cited by:

    1. Amelia Sharman, 2015. "The impact of controversy on the production of scientific knowledge," GRI Working Papers 207, Grantham Research Institute on Climate Change and the Environment.

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    Keywords

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    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General

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