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The Global Economic Crisis - New Perspectives on the Critique of Economic Theory and Policy (Paperback)
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The Global Economic Crisis - New Perspectives on the Critique of Economic Theory and Policy (Paperback)
Series: Routledge Frontiers of Political Economy
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Why did the economists of the so-called "mainstream" seem to fail
to foresee the global economic crisis that exploded in 2008? And
why do they appear to have difficulty in putting forward an
interpretation of it that is consistent with the theoretical
foundations of their models? These two questions have echoed
insistently since the outbreak of the crisis, not only in academic
circles but also in the mass media, and appear to reflect
increasingly widespread dissatisfaction with the dominant paradigm
of economic theory. Many believe that the global recession now
underway may constitute an historic watershed for the evolution of
economics and therefore that an authentic change of paradigm is
called for, rather than only minor adjustments to the dominant
approach. Since the start of the crisis, there has indeed been a
profusion of contributions from alternative areas of economic
study, and in particular from those adopting a critical stance with
respect to mainstream economic theory. This collection puts forward
promising reinterpretations of the primary schools of heterodox
political economy, stringent critiques of the conventional readings
of the recession, new schemes of theoretical and empirical analysis
of the crisis, and proposals for economic policies alternative to
those hitherto adopted. This book contains a selection of some of
the most recent contributions to the critique of mainstream
economic theory and policy, and discusses the origins and possible
evolutions of the current economic crisis. The collection should be
of interest to students and researchers focussing on
macroeconomics, monetary economics, political economy and financial
economics.
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