Please use this identifier to cite or link to this item:
https://hdl.handle.net/2440/89419
Citations | ||
Scopus | Web of Science® | Altmetric |
---|---|---|
?
|
?
|
Type: | Journal article |
Title: | Why 'state of the art' monetary theory was unable to anticipate the global financial crisis: a child's guide |
Author: | Rogers, C. |
Citation: | European Journal of Economics and Economic Policies: Intervention, 2014; 11(3):300-314 |
Publisher: | Edward Elgar Publishing |
Issue Date: | 2014 |
ISSN: | 2052-7772 2052-7764 |
Statement of Responsibility: | Colin Rogers |
Abstract: | ‘State of the art’ monetary theory was unable to anticipate or understand the global financial crisis because it rested on microeconomic foundations that precluded any meaningful role for money, finance or banking. These analytical and conceptual flaws have been known for a long time. But many either ignored or misunderstood their implications. This note provides a largely non-technical explanation of the conceptual flaws in ‘state of the art’ monetary theory that rendered it unable to anticipate, or understand, the global financial crisis of 2007–2008; and rendered it thereafter effectively useless as a guide to what should be done. |
Keywords: | time-0 auction; money-less Walrasian–Arrow–Debreu models |
DOI: | 10.4337/ejeep.2014.03.05 |
Published version: | http://dx.doi.org/10.4337/ejeep.2014.03.05 |
Appears in Collections: | Aurora harvest 7 Economics publications |
Files in This Item:
There are no files associated with this item.
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.