The economics profession, the financial crisis, and method

David Colander ()

Journal of Economic Methodology, 2010, vol. 17, issue 4, pages 419-427

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.

Keywords: DSGE; complexity; macroeconomic complexity; method; interpretative research; incentives; representative researcher (search for similar items in EconPapers)
Date: 2010
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Working Paper: The Economics Profession, the Financial Crisis, and Method (2010)
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