“Why did economists fail to predict the global financial crisis?”

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Ivane Javakhishvili Tbilisi State University Press
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.
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Global financial and economic crisis, economic crisis forecasting, mainstream economic theories, economic dynamics, economic statics, methodologizms
Economics and Business, №3, 2020, pp. 33-48