The (un)predictability of the crisis and the pluralism in Economics

Luís Felipe Lopes Milaré ()

Brazilian Journal of Political Economy, 2013, vol. 33, issue 4, 659-670

Abstract: This paper discusses the predictability of the last global economic crisis relating it to the lack of pluralism in Economics. In order to do so, first is presented a literature review of the development of economic theory in recent years. Then the two main views on the predictability of the crisis are presented: (1) the economic models used to understand the economy did not incorporate bubbles so, the crisis was unpredictable; and (2) the crisis was predictable when applied other methods of understanding the economy. JEL Classification: B4; B5.

Keywords: crisis; pluralism in Economics (search for similar items in EconPapers)
Date: 2013
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