Why is economics so fragile?
Autor(a) principal: | |
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Data de Publicação: | 2011 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10316/43190 https://doi.org/10.4000/regulation.9244 |
Resumo: | The association between a crisis in economics and the economic crisis, spontaneously drawn by the media and the public, is a fact which calls for explanation. We begin by identifying what the public and the media perceive as “economics”. This is not economics in its plurality but a synthesis of new-Keynesian and new classical theory which emerged in the US during the 1980s. Such a synthesis is often presented as anchored in principles which establish the appropriate mode of economic reasoning. By reviewing what these principles state and what they conceal, we argue that this understanding of “Modern Economic Theory” leaves a number of traditions of economic thought out of economics or economic science which, although neglected and marginalized, still exist within economics departments. We then question whether the public and the media might be justified in attributing the blame for the economic crisis to the particular type of economics taken as representative of the profession and of academia. Finally we address the prospect of a (more) robust and prudent economics, which would have to be anchored in a solid understanding of institutions, institutional configurations, and their variety and dynamics. |
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Why is economics so fragile?Pourquoi l’économie est-elle si fragile?¿Porqué es tan frágil la economía?Crisis in economicsEconomic crisisInstitutionalismPolitical economyThe association between a crisis in economics and the economic crisis, spontaneously drawn by the media and the public, is a fact which calls for explanation. We begin by identifying what the public and the media perceive as “economics”. This is not economics in its plurality but a synthesis of new-Keynesian and new classical theory which emerged in the US during the 1980s. Such a synthesis is often presented as anchored in principles which establish the appropriate mode of economic reasoning. By reviewing what these principles state and what they conceal, we argue that this understanding of “Modern Economic Theory” leaves a number of traditions of economic thought out of economics or economic science which, although neglected and marginalized, still exist within economics departments. We then question whether the public and the media might be justified in attributing the blame for the economic crisis to the particular type of economics taken as representative of the profession and of academia. Finally we address the prospect of a (more) robust and prudent economics, which would have to be anchored in a solid understanding of institutions, institutional configurations, and their variety and dynamics.La relation entre crise de l’économie et crise économique, telle que les médias et le public l’ont spontanément établie, appelle quelques explications. Commençons par identifier ce que le public et les médias comprennent par “économie”. Il ne s’agit pas de l’économie dans ses formes multiples, mais d’une synthèse, développée dans les années 1980, de “néo Keynésianisme” et de théorie néo-classique. Cette synthèse est souvent présentée comme étant ancrée dans des principes qui définiraient la bonne méthode d’analyse économique. En examinant ce que ces principes affirment et ce qu’ils sous-tendent, on soutient l’idée selon laquelle cette conception d’une « théorie économique moderne » renvoie hors du champ de l’économie, ou de la science économique, bon nombre de traditions de la pensée économique qui, bien que négligées et marginalisées, existent toujours au sein des facultés d’économie. Nous pouvons dès lors nous interroger sur la vérité répandue par le grand public et les médias lorsqu’ils attribuent la responsabilité de la crise économique à l’économie spécifique considérée comme représentative de la profession et des universitaires. Finalement, nous considérerons la perspective d’une économie (plus) robuste et (plus) prudente, qui gagnerait à être mieux ancrée dans une bonne compréhension des institutions, des configurations institutionnelles, de leurs diversités et de leurs dynamiques.La relación entre la crisis de la economía y la crisis económica, tal como los medios de comunicación y el público los han establecido de manera espontánea, requiere una explicación. Comencemos por identificiar aquello que el público y las medias comprenden por « economía ». No se trata de la economía en sus formas múltiples, sino de una síntesis, desarrollada durante los años 1980, de neo-keynesianismo y de teoría neoclásica. Esta síntesis es a menudo presentada como con algo basado en los principios que definirían el buen método de análisis económico. Examinando lo que afirman estos principios y lo que sobre- entiende, se sostiene la idea según la cual esta concepción de una teoría económica moderna nos reenvía fuera del campo de la economía, o de la ciencia económica, que a pesar de estar dejadas de lado y marginalizadas, existen siempre en el seno de las Facultades de Economía. Nosotros podemos entonces interrogarnos sobre la verdad difundida por el gran público y los medios cuando ellos atribuyen la responsabilidad de las crisis económica a la economía específica considerada como representativa de la profesión y de los universitarios. Finalmente nosotros consideramos la perspectiva de una economía (mas) robusta y (mas) prudente, que se beneficiaría si fuera mejor considerada haciendo una buena comprensión de las instituciones, de las configuraciones institucionales, de sus diversidades y de sus dinámicas.Maison des sciences de l’Homme Paris Nord2011info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlehttp://hdl.handle.net/10316/43190http://hdl.handle.net/10316/43190https://doi.org/10.4000/regulation.9244eng1957-7796http://regulation.revues.org/9244Caldas, José CastroNeves, VítorReis, Joséinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2020-11-06T17:00:30Zoai:estudogeral.uc.pt:10316/43190Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T20:50:31.587575Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Why is economics so fragile? Pourquoi l’économie est-elle si fragile? ¿Porqué es tan frágil la economía? |
title |
Why is economics so fragile? |
spellingShingle |
Why is economics so fragile? Caldas, José Castro Crisis in economics Economic crisis Institutionalism Political economy |
title_short |
Why is economics so fragile? |
title_full |
Why is economics so fragile? |
title_fullStr |
Why is economics so fragile? |
title_full_unstemmed |
Why is economics so fragile? |
title_sort |
Why is economics so fragile? |
author |
Caldas, José Castro |
author_facet |
Caldas, José Castro Neves, Vítor Reis, José |
author_role |
author |
author2 |
Neves, Vítor Reis, José |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Caldas, José Castro Neves, Vítor Reis, José |
dc.subject.por.fl_str_mv |
Crisis in economics Economic crisis Institutionalism Political economy |
topic |
Crisis in economics Economic crisis Institutionalism Political economy |
description |
The association between a crisis in economics and the economic crisis, spontaneously drawn by the media and the public, is a fact which calls for explanation. We begin by identifying what the public and the media perceive as “economics”. This is not economics in its plurality but a synthesis of new-Keynesian and new classical theory which emerged in the US during the 1980s. Such a synthesis is often presented as anchored in principles which establish the appropriate mode of economic reasoning. By reviewing what these principles state and what they conceal, we argue that this understanding of “Modern Economic Theory” leaves a number of traditions of economic thought out of economics or economic science which, although neglected and marginalized, still exist within economics departments. We then question whether the public and the media might be justified in attributing the blame for the economic crisis to the particular type of economics taken as representative of the profession and of academia. Finally we address the prospect of a (more) robust and prudent economics, which would have to be anchored in a solid understanding of institutions, institutional configurations, and their variety and dynamics. |
publishDate |
2011 |
dc.date.none.fl_str_mv |
2011 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10316/43190 http://hdl.handle.net/10316/43190 https://doi.org/10.4000/regulation.9244 |
url |
http://hdl.handle.net/10316/43190 https://doi.org/10.4000/regulation.9244 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
1957-7796 http://regulation.revues.org/9244 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
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openAccess |
dc.publisher.none.fl_str_mv |
Maison des sciences de l’Homme Paris Nord |
publisher.none.fl_str_mv |
Maison des sciences de l’Homme Paris Nord |
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