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

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

Mekvabishvili (მექვაბიშვილი), Elguja (ელგუჯა)
URI: http://dspace.tsu.ge/xmlui/handle/123456789/1585
Date: 2020

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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