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        The Great Crash of 2008 and the reform of economics

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        Author
        Hodgson, Geoffrey
        Attention
        2299/9136
        Abstract
        The 2008 economic crash led to remarkable shifts of opinion among world leaders. Does this crisis create favourable conditions for the reform and revitalisation of economics itself—from a subject dominated by mathematical techniques to a discipline more oriented to understanding real-world institutions and actors? And why were warnings of financial collapse not heeded? Recent shortcomings are partly related to the global triumph of market individualist ideology and partly to the exaggerated roles of modelling and quantification. These failures of economics are partly peculiar to the discipline and also a result of other wider institutional and cultural forces.
        Publication date
        2009
        Published in
        Cambridge Journal of Economics
        Published version
        https://doi.org/10.1093/cje/bep050
        Other links
        http://hdl.handle.net/2299/9136
        Relations
        Hertfordshire Business School
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