Hubris

Hubris

Why Economists Failed to Predict the Crisis and How to Avoid the Next One

Book - 2015
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"The failure of economists to anticipate the international economic crisis and lingering recession that continues even today has spurred public outcry and inspired legislative action. Economists are under fire, but questions concerning exactly how to redeem their discipline remain unanswered. In this insightful book, renowned economist Meghnad Desai looks at how and why economists have, in broad terms, splintered into the two groups which now dominate the profession--the Neoclassicals and Keynesians. He discusses non-mainstream theories--Marx's theories on cycles, Kondratieff cycles and Schumpeter's theory of creative destruction among them--that could have predicted the crisis but were sidelined because of tribal allegiances to these two dominant groups. Investigating the evolution of economics, he maps its trajectory against the occurrence of major political events to provide a definitive answer. Comprehensively dismissing the notion that one overarching paradigm can resolve all economic eventualities, Desai underscores the contribution of hubris to economists' calamitous lack of foresight. He makes a persuasive case for the profession to re-engage with the history of economic thought and urges that already-available theories and approaches be considered anew for the insights they may provide toward preventing future economic catastrophes. Eminently accessible and written with keen common sense, HUBRIS offers fresh perspectives on some of the most important economic issues of our time."--Jacket
Publisher: New Haven [Connecticut] : Yale University Press, 2015
Copyright Date: ©2015
ISBN: 9780300219494
0300219490
9780300213546
0300213549
Characteristics: xii, 287 pages : illustrations ; 23 cm
Other Standard Identifier: 9780300213546

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May 12, 2017

detailed review of the evolution of various economic theories over the past two centuries

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