The Economic Crisis is a Crisis for Economic Theory

The Economic Crisis is a Crisis for Economic Theory Alan Kirman

Economic Crisis and Economic Theory

Two dynamic general equilibrium economies compete in explaining the United States’interwar business cycles. Despite the demand driven contender’s slight advantages, the results remain too close to call a clear winner.

The Crisis in Economic Theory

This paper discusses modern macroeconomic and financial models in the light of the current crisis. Theory has been revealed to be inadequate in its explanation of the origins and the nature of the crisis, as Jean-Claude Trichet the Governor of the European Central bank and his colleagues at other central banks have indicated. Basic macroeconomic models, however sophisticated have continued to b...

Economic theory and the financial crisis

I want to probe in the role of the market in allocating resources in this very preliminary essay. One does not have to study deeply to that the failure of markets for various kinds of derivative securities to perform properly is an essential element of the current financial crisis. Actually, financial crises are not a new phenomenon. The history of capitalism has been marked by repeated collaps...

Crisis in Venezuela: A Politico Economic Understanding

More than five years down the line Venezuela had been slipping into an economic cri-sis. An economy wholly dependent on the sale of oil and no diversification of economic production is sure to face such a crisis. The fluctuation in oil prices is sure to hurt the market and the economy. To make matters worse, Venezuela now faces a political crisis with two individuals claiming themselves to be P...