Financial and World Economic Crisis: What did Economists Contribute?

Gebhard Kirchgässner and Friedrich Schneider ()

University of St. Gallen Department of Economics working paper series 2009 from Department of Economics, University of St. Gallen

Abstract: 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.

Keywords: Financial Crisis; Crisis Management; Failure of Economics; Failure of Economic Researchers; Origin of the Crisis. (search for similar items in EconPapers)
JEL-codes: A11 B40 D72 D73 D8 G01 K2 (search for similar items in EconPapers)
Pages: 10 pages
Date: 2009-07
New Economics Papers: this item is included in nep-cba, nep-fdg, nep-hpe and nep-sog
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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Journal Article: Financial and world economic crisis: What did economists contribute? (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:usg:dp2009:2009-14

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