The Great Crash of 2008 and the reform of economics

Geoffrey Hodgson

doi:10.1093/cje/bep050

The Great Crash of 2008 and the reform of economics

Geoffrey Hodgson

Hertfordshire Business School

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Abstract

The 2008 economic crash led to remarkable shifts of opinion among world leaders. Does this crisis create favourable conditions for the reform and revitalisation of economics itself—from a subject dominated by mathematical techniques to a discipline more oriented to understanding real-world institutions and actors? And why were warnings of financial collapse not heeded? Recent shortcomings are partly related to the global triumph of market individualist ideology and partly to the exaggerated roles of modelling and quantification. These failures of economics are partly peculiar to the discipline and also a result of other wider institutional and cultural forces.

Original language	English
Pages (from-to)	1205-21
Journal	Cambridge Journal of Economics
Volume	33
Issue number	6
DOIs	https://doi.org/10.1093/cje/bep050
Publication status	Published - 2009

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This is a pre-copy-editing, author-produced PDF of an article accepted for publication in Cambridge Journal of Economics following peer review. The definitive publisher-authenticated version 2009, vol.33 no.6 is available online at: http://cje.oxfordjournals.org/
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The Great Crash of 2008 and the reform of economics

Abstract

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