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Cambridge Journal of Economics Advance Access originally published online on August 17, 2009
Cambridge Journal of Economics 2009 33(6):1205-1221; doi:10.1093/cje/bep050
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© The Author 2009. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

The great crash of 2008 and the reform of economics

Geoffrey M. Hodgson*

* University of Hertfordshire, UK

Address for correspondence: The Business School, University of Hertfordshire, De Havilland Campus, Hatfield, Hertfordshire AL10 9AB, UK; email: g.m.hodgson{at}herts.ac.uk

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.

Key Words: Reform of economics • Substance versus technique • Financial crisis • John Maynard Keynes • Hyman Minsky • Free markets • Individualism

JEL classifications: A11, A13, A20, B50, D80, G01

Manuscript received March 3, 2009; final version received June 18, 2009.


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