This innovative book focuses on the current global financial crisis
and the inadequacies of the economic theories being used to guide
policy. In so doing, it tackles the economic theories that have
been used firstly to understand its causes and thereafter to
contain the damage it has brought. The contributors bring together
different perspectives from across the entire spectrum of economic
opinion to examine what is likely to be the single most important
economic problem of our time. The unifying feature is that all of
the authors disagree with the standard mainstream neo-classical
models being applied in attempting to comprehend what has gone on
and then, more importantly, to devise policies to bring this
recession to an end. The problems that modern macroeconomics may
have caused in being the basis for economic policy are addressed,
and it is concluded that the deepening problems found in economies
across the developed world are not due to governments having
refused to take the advice of their economic advisors but are in
many respects due to their actually having taken this advice.
Suggesting alternative ways of understanding how economies work so
that other types of policies might be used instead, this book will
prove a fascinating read not just for scholars and policy-makers
concerned with our macroeconomic and financial problems but for
anyone interested in deepening their understanding of our
contemporary economic debate.
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