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The Resource Crisis and the failure of economic theory : the responsibility of economists for the Great Recession, Giancarlo Bertocco, University of Insubria, Italy

Crisis and the failure of economic theory : the responsibility of economists for the Great Recession, Giancarlo Bertocco, University of Insubria, Italy

Label
Crisis and the failure of economic theory : the responsibility of economists for the Great Recession
Title
Crisis and the failure of economic theory
Title remainder
the responsibility of economists for the Great Recession
Statement of responsibility
Giancarlo Bertocco, University of Insubria, Italy
Creator
Subject
Language
eng
Summary
"Economists have rightly been criticized for not having foreseen the crisis that exploded in 2007-2008. As Giancarlo Bertocco eloquently argues, responsibility does indeed rest heavily on their shoulders. By developing a theory which excluded the possibility that a catastrophic crisis could ever happen, the economics profession has justified decisions and behaviours that caused the Great Recession. This book presents an alternative theoretical approach built on the lessons of Marx, Keynes, Schumpeter, Kalecki, Kaldor and Minsky, which highlights the structural instability of a capitalist economy and the endogenous nature of the current crisis. This fascinating book has several distinctive features. It begins by highlighting the limits of traditional economic theory and reveals the contradictions found in mainstream explanations as to the origins of the crisis. The author goes on to argue that economists not only failed to foresee the crisis but actually ignored the warning signs of instability that emerged during the Great Moderation. Bertocco presents an original interpretation of Keynes's argument that underlines the importance of Schumpeter's theory of credit in order to explain the relationship between money and crisis which characterizes a Keynesian monetary theory of production. Finally, he demonstrates that the nature of the crisis has important policy consequences and proposes a specific set of measures that take into account its structural nature. The comprehensive analysis and enlightening theoretical approaches will make this book vital reading for economists, policymakers and students seeking a clear understanding of the nature of the current crisis and the structure of the neoliberal economic system in which we live."--
Member of
Assigning source
Provided by publisher
Cataloging source
BTCTA
http://library.link/vocab/creatorDate
1954-
http://library.link/vocab/creatorName
Bertocco, Giancarlo
Index
index present
Literary form
non fiction
Nature of contents
bibliography
Series statement
New directions in post-Keynesian economics
http://library.link/vocab/subjectName
  • Financial crises
  • Global Financial Crisis, 2008-2009
  • Economic policy
  • Capitalism
  • Keynesian economics
  • Monetary policy
  • Money
Label
Crisis and the failure of economic theory : the responsibility of economists for the Great Recession, Giancarlo Bertocco, University of Insubria, Italy
Instantiates
Publication
Bibliography note
Includes bibliographical references (pages 203-227) and index
Carrier category
volume
Carrier category code
  • nc
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Contents
Part I. The crisis and the mainstream theory -- 1. A brief description of the crisis -- 2. The mainstream economists and the crisis -- 3. The limits of the mainstream theory -- part II. An alternative theoretical approach -- 4. Keynes and the monetary theory of production -- 5. Finance and risk -- 6. Savings decisions, wealth and speculation -- 7. Money and crisis -- part III. The endogenous nature of the crisis and the policies for a good life -- 8. The endogenous nature of the subprime crisis -- 9. Overcoming the crisis : which policies? -- Conclusions
Control code
ocn967500781
Dimensions
25 cm.
Extent
ix, 251 pages
Isbn
9781785365348
Media category
unmediated
Media MARC source
rdamedia
Media type code
  • n
System control number
(OCoLC)967500781
Label
Crisis and the failure of economic theory : the responsibility of economists for the Great Recession, Giancarlo Bertocco, University of Insubria, Italy
Publication
Bibliography note
Includes bibliographical references (pages 203-227) and index
Carrier category
volume
Carrier category code
  • nc
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Contents
Part I. The crisis and the mainstream theory -- 1. A brief description of the crisis -- 2. The mainstream economists and the crisis -- 3. The limits of the mainstream theory -- part II. An alternative theoretical approach -- 4. Keynes and the monetary theory of production -- 5. Finance and risk -- 6. Savings decisions, wealth and speculation -- 7. Money and crisis -- part III. The endogenous nature of the crisis and the policies for a good life -- 8. The endogenous nature of the subprime crisis -- 9. Overcoming the crisis : which policies? -- Conclusions
Control code
ocn967500781
Dimensions
25 cm.
Extent
ix, 251 pages
Isbn
9781785365348
Media category
unmediated
Media MARC source
rdamedia
Media type code
  • n
System control number
(OCoLC)967500781

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