Mathematical modelling in the wake of the crisis: a blessing or a curse? What does the economics profession say?

Vinca Bigo and Ioana Negru ()

Cambridge Journal of Economics, 2014, vol. 38, issue 2, 329-347

Abstract: The economics profession has been heavily criticised for not anticipating the economic crisis that began in 2007. And even now economists seem unable to suggest ways out of this crisis. It is widely acknowledged that the emphasis of modern economics over the last 50 years has been heavily mathematical and formalistic. The aim of this paper is to examine whether, in the wake of the crisis, academic economists have examined this emphasis on mathematics and further to investigate the extent to which they are considering changing their methodological orientation. The results of our field study show that many economists have tended to reaffirm their position and argued for the use of newer, better mathematical models in economics.

Date: 2014
References: Add references at CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://hdl.handle.net/10.1093/cje/bet063 (application/pdf)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oup:cambje:v:38:y:2014:i:2:p:329-347.

Ordering information: This journal article can be ordered from
https://academic.oup.com/journals

Access Statistics for this article

Cambridge Journal of Economics is currently edited by Jacqui Lagrue

More articles in Cambridge Journal of Economics from Cambridge Political Economy Society Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK.
Bibliographic data for series maintained by Oxford University Press ().