The Financial Crisis and the Systemic Failure of Academic Economics

@article{Colander2009TheFC,
  title={The Financial Crisis and the Systemic Failure of Academic Economics},
  author={David C. Colander and H. F{\"o}llmer and A. Haas and Michael D. Goldberg and K. Juselius and A. Kirman and T. Lux and B. Sloth},
  journal={Behavioral \& Experimental Finance eJournal},
  year={2009}
}
The economics profession appears to have been unaware of the long build-up to the current worldwide financial crisis and to have significantly underestimated its dimensions once it started to unfold. In our view, this lack of understanding is due to a misallocation of research efforts in economics. We trace the deeper roots of this failure to the profession's focus on models that, by design, disregard key elements driving outcomes in real-world markets. The economics profession has failed in… Expand

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