“Why did economists fail to predict the global financial crisis?”
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Date
2020
Journal Title
Journal ISSN
Volume Title
Publisher
Ivane Javakhishvili Tbilisi State University Press
Abstract
The article sets out a critical analysis of the different views of economists
about financial and economic crises, especially on their forecasting
problem. There is a well-founded assumption that the gaps in the research
of economic crisis are largely due to the methodological weakness of the
prevailing mainstream economic theory. Moreover, the global financial
crisis was a direct expression of the crisis of neoclassical economic theory.
This article offers a new approach to crisis research based on fundamental
principles of economic dynamics and contains the views of I. Schumpeter
and N. Kondratiev.
Description
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Keywords
Global financial and economic crisis, economic crisis forecasting, mainstream economic theories, economic dynamics, economic statics, methodologizms
Citation
Economics and Business, №3, 2020, pp. 33-48