Read e-book online Consequences of Economic Downturn: Beyond the Usual PDF

By Martha A. Starr (eds.)

ISBN-10: 0230118356

ISBN-13: 9780230118355

ISBN-10: 1349584223

ISBN-13: 9781349584222

The 2007-09 monetary main issue and monetary downturn inflicted massive problem at the U.S. inhabitants. This e-book argues that the monetary drawback and resulting recession mirrored not only a malfunctioning of the economic system - but additionally inequalities and insecurities in entry to livelihoods that want well-off teams and go away traditional humans shouldering undue burdens of draw back hazard. This ebook, a suite of unique papers via best social economists and students in comparable fields, examines social, distributional, and moral dimensions of the downturn. it may be of wide curiosity to the social-science and economic-policy groups.

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Additional info for Consequences of Economic Downturn: Beyond the Usual Economics

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In possession of an available first-best policy option that was fully expected to succeed, all of that seemed beside the point. Economists do not typically think of themselves as utopian— let alone revolutionary. The language of economic discourse is steeped in explicit recognition of trade-offs that necessarily entail THE ECONOMIC CRISIS AND THE CRISIS IN ECONOMICS 31 costs and benefits. The economics profession understands itself as advocating marginal improvements in existing affairs that are based on hard-headed calculations of gains and losses, risks and returns.

In the view of Colander et al. (2009, 6): Researchers have an ethical responsibility to point out to the public when the tool that they developed is misused. 7 In the case before us, concerning the culpability of the economics profession in the current global economic crisis, we find little attention by the profession to the dangers of the wares that it peddles. We find instead a herd mentality about the right way to think about financial markets and financial regulation, a dismissal of theory, evidence and argument about the dangers associated with unregulated asset markets, and perhaps most important, a severe overconfidence among the most influential economists about the extent of economic expertise.

2010. Homo economicus: The Impact of the Economic Crisis on Economic Theory. Plenary address, Association for Social Economics, Allied Social Science Meetings, Atlanta, GA (Jan. 2). Wessel, David. 2009. In Fed We Trust: Ben Bernanke’s War on the Great Panic. New York: Random House. Wilkinson, Richard. 1996. Unhealthy Societies: The Afflictions of Inequality. London and New York: Routledge. ———. 2000. Mind the Gap. London: Weidenfeld and Nicolson. ———, and Kate Pickett. 2010. The Spirit Level. New York: Bloomsbury Press.

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Consequences of Economic Downturn: Beyond the Usual Economics by Martha A. Starr (eds.)

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