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Mainstream economics and economic crises
Pascal Petit 한국사회경제학회 2011 사회경제평론 Vol.37 No.2
Mainstream economics have often generated policies that either led to economic crises or could not cope with their occurrence and their effects. What did they learn from these dramatic experiences? What have been the driving forces acting on mainstream economics between the lessons drawn from the failures (lack of effectiveness/ or of realism), the complacency to dominant ideologies (conformism) and the construction of the economist profession (corporatism). Can we tentatively draw some lessons from the recent crisis from the reactions to the present crisis?Can mainstream economics take a progressive turn? Can alternative streams benefit from the widespread resentment against (standard) economics? The assessment proposed in this paper will take advantage of recent statements of standard economists on how mainstream economics should take into account its recent blunder.