Financial Crisis and the Failure of Economic Theory

Ángel Rodriguez; Jorge Turmo; Oscar Vara

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The global financial crisis of 2008 was largely unpredicted. If economic theory has a role to play in predicting future catastrophes then the methods we rely on need to change. The authors of this study propose a new theory of economics based on more detailed understanding of how and why people behave as they do within their environment. This anthropological approach uses the strengths of many existing economic theories, including Keynesian and Austrian economics, to present a new framework for anticipating and averting the financial crises of the future.

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Financial Crisis and the Failure of Economic Theory

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Contents

Frontmatter
pp i-iv

Contents
pp v-vi

Acknowledgements
pp vii-viii

List of Figures
pp ix-x

Introduction
pp 1-4

1 - The Financial Crisis and Modern Economics: From Surprise to Puzzlement
pp 5-32

2 - A Different Look at Economic Theory: The Anthropological Approach
pp 33-50

3 - The ‘Building Blocks’ of Modern Economics: We Do Really Need a Meta-Theory
pp 51-74

4 - The Meta-Theory at Work: A Case Study in Growth Theory and Real Business Cycle Theory
pp 75-98

5 - Governments and the Financial Crisis: Making Economic Policy in the Dark
pp 99-124

6 - Explaining More Complex Phenomena: The Financial System
pp 125-166

Final Remarks
pp 167-170

Notes
pp 171-184

Works Cited
pp 185-194

Index
pp 195-198

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Financial Crisis and the Failure of Economic Theory

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