The Financial Crisis and the Systemic Failure of the Academics Profession

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Standard

The Financial Crisis and the Systemic Failure of the Academics Profession. / Colander, David; Goldberg, Michael; Haas, Armin; Juselius, Katarina; Kirman, Alan; Lux, Thomas; Sloth, Birgitte.

I: Critical Review (Columbus), Bind 21, Nr. 2-3, 2009, s. 249-267.

Publikation: Bidrag til tidsskrift › Tidsskriftartikel › Forskning › fagfællebedømt

Harvard

Colander, D, Goldberg, M, Haas, A, Juselius, K, Kirman, A, Lux, T & Sloth, B 2009, 'The Financial Crisis and the Systemic Failure of the Academics Profession', Critical Review (Columbus), bind 21, nr. 2-3, s. 249-267. https://doi.org/10.1080/08913810902934109

APA

Colander, D., Goldberg, M., Haas, A., Juselius, K., Kirman, A., Lux, T., & Sloth, B. (2009). The Financial Crisis and the Systemic Failure of the Academics Profession. Critical Review (Columbus), 21(2-3), 249-267. https://doi.org/10.1080/08913810902934109

Vancouver

Colander D, Goldberg M, Haas A, Juselius K, Kirman A, Lux T o.a. The Financial Crisis and the Systemic Failure of the Academics Profession. Critical Review (Columbus). 2009;21(2-3):249-267. https://doi.org/10.1080/08913810902934109

Author

Colander, David ; Goldberg, Michael ; Haas, Armin ; Juselius, Katarina ; Kirman, Alan ; Lux, Thomas ; Sloth, Birgitte. / The Financial Crisis and the Systemic Failure of the Academics Profession. I: Critical Review (Columbus). 2009 ; Bind 21, Nr. 2-3. s. 249-267.

Bibtex

@article{02a57350208911df8ed1000ea68e967b,
title = "The Financial Crisis and the Systemic Failure of the Academics Profession",
abstract = "Economists not only failed to anticipate the financial crisis; they may have contributed to it-with risk and derivatives models that, through spurious precision and untested theoretical assumptions, encouraged policy makers and market participants to see more stability and risk sharing than was actually present. Moreover, once the crisis occurred, it was met with incomprehension by most economists because of models that, on the one hand, downplay the possibility that economic actors may exhibit highly interactive behavior; and, on the other, assume that any homogeneity will involve economic actors sharing the economist's own putatively correct model of the economy, so that error can stem only from an exogenous shock. The financial crisis presents both an ethical and an intellectual challenge to economics, and an opportunity to reform its study by grounding it more solidly in reality.",
keywords = "Faculty of Social Sciences, political philosophy, political theory",
author = "David Colander and Michael Goldberg and Armin Haas and Katarina Juselius and Alan Kirman and Thomas Lux and Birgitte Sloth",
year = "2009",
doi = "10.1080/08913810902934109",
language = "English",
volume = "21",
pages = "249--267",
journal = "Critical Review",
issn = "0891-3811",
publisher = "Routledge",
number = "2-3",

}

RIS

TY - JOUR

T1 - The Financial Crisis and the Systemic Failure of the Academics Profession

AU - Colander, David

AU - Goldberg, Michael

AU - Haas, Armin

AU - Juselius, Katarina

AU - Kirman, Alan

AU - Lux, Thomas

AU - Sloth, Birgitte

PY - 2009

Y1 - 2009

N2 - Economists not only failed to anticipate the financial crisis; they may have contributed to it-with risk and derivatives models that, through spurious precision and untested theoretical assumptions, encouraged policy makers and market participants to see more stability and risk sharing than was actually present. Moreover, once the crisis occurred, it was met with incomprehension by most economists because of models that, on the one hand, downplay the possibility that economic actors may exhibit highly interactive behavior; and, on the other, assume that any homogeneity will involve economic actors sharing the economist's own putatively correct model of the economy, so that error can stem only from an exogenous shock. The financial crisis presents both an ethical and an intellectual challenge to economics, and an opportunity to reform its study by grounding it more solidly in reality.

AB - Economists not only failed to anticipate the financial crisis; they may have contributed to it-with risk and derivatives models that, through spurious precision and untested theoretical assumptions, encouraged policy makers and market participants to see more stability and risk sharing than was actually present. Moreover, once the crisis occurred, it was met with incomprehension by most economists because of models that, on the one hand, downplay the possibility that economic actors may exhibit highly interactive behavior; and, on the other, assume that any homogeneity will involve economic actors sharing the economist's own putatively correct model of the economy, so that error can stem only from an exogenous shock. The financial crisis presents both an ethical and an intellectual challenge to economics, and an opportunity to reform its study by grounding it more solidly in reality.

KW - Faculty of Social Sciences

KW - political philosophy

KW - political theory

U2 - 10.1080/08913810902934109

DO - 10.1080/08913810902934109

M3 - Journal article

VL - 21

SP - 249

EP - 267

JO - Critical Review

JF - Critical Review

SN - 0891-3811

IS - 2-3

ER -

ID: 18178574