"The Economics of Crisis and the Crisis of Economics as Seen from the US Epicenter"

Research output: Contribution to journalArticle

Abstract

"The intertwining of excessive financialization and extreme inequality was undermining the foundations of the US economy prior to the recent crisis. Mainstream economists were unable to recognize the symptoms. This failure was a repetition of economists’ prior failures during earlier economic crises. In the midst of these crises, the reputation of economics suffers, but each subsequent recovery revives their reputations and their confidence in the market. The article concludes by showing how a defective conception of capital prevents a proper understanding
of economic processes."
Original languageEnglish
Pages (from-to)70-80
Number of pages11
JournalWorld Review of Political Economy
Volume1
Issue number1
Publication statusPublished - 2010

Fingerprint

Economics
Economists
Economic crisis
Economic processes
Financialization
Confidence
US economy
Conception

Keywords

  • financialization
  • inequality
  • imbalance
  • economics of crisis
  • crisis of economics

Cite this

"The Economics of Crisis and the Crisis of Economics as Seen from the US Epicenter". / Perelman, Michael.

In: World Review of Political Economy, Vol. 1, No. 1, 2010, p. 70-80.

Research output: Contribution to journalArticle

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KW - imbalance

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KW - crisis of economics

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