Forskning ved Københavns Universitet - Københavns Universitet

Forside

The Financial Crisis and the Systemic Failure of Academic Economics

Publikation: Working paperForskning

Dokumenter

  • DP 09-03

    Forlagets udgivne version, 243 KB, PDF-dokument

  • David Colander
  • Hans Föllmer
  • Armin Haas
  • Michael Goldberg
  • Juselius, Katarina
  • Alan Kirman
  • Thomas Lux
  • Birgitte Sloth
The economics profession appears to have been unaware of the long build-up to the current worldwide financial crisis and to have significantly underestimated its dimensions once it started to unfold. In our view, this lack of understanding is due to a misallocation of research efforts in economics. We trace the deeper roots of this failure to the profession's focus on models that, by design, disregard key elements driving outcomes in real-world markets. The economics profession has failed in communicating the limitations, weaknesses, and even dangers of its preferred models to the public. This state of affairs makes clear the need for a major reorientation of focus in the research economists undertake, as well as for the establishment of an ethical code that would ask economists to understand and communicate the limitations and potential misuses of their models.
OriginalsprogEngelsk
UdgiverDepartment of Economics, University of Copenhagen
Antal sider14
StatusUdgivet - 2009

Antal downloads er baseret på statistik fra Google Scholar og www.ku.dk


Ingen data tilgængelig

ID: 11173518