COULD BE CONSIDERED A FAILURE THE OF THE ECONOMIST PROFESSION THE CURRENT GLOBAL CRISIS?

Daniel Belingher
Authors registered in the RePEc Author Service: Dumitru Alexandru Bodislav

Annals - Economy Series, 2012, vol. 1, 137-140

Abstract: The economist Nouriel Roubini said that is a sin to waste a crisis without learning something of the causes that generated it. Although three years have passed since the onset of the global crisis in 2008, we don't know very clearly what are the causes that led to its appearance and even less who are those responsible for this great recession. And unless we understand what leads to economic instability and financial crises, we can not prescribe policy for crisis prevention and sustainable economic growth. This paper aims to highlight some of the key issues that have favored the emergence of the global crisis in 2008, many of which national economies have not yet emerged, and some of those who have passed the crisis there are on the brink of a return to recession. In this paper we want to answer the question if the current global crisis can be considered a failure of the economits profession and therefore of economic science, being necessary at this time a new paradigm in economics or the fault belong of the political class, and the economic science has no fault in this regard and it will need to maintain the mechanistic vision of the market, going on the rational line and on the idea that natural state of a market is the balance.

Keywords: economic crisis; recession; financial market; economic governance (search for similar items in EconPapers)
Date: 2012
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