The Financial Crisis and the Systemic Failure of Academic Economics
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 insistence on constructing models that, by design, disregard the key elements driving outcomes in real-world markets. The economics profession has failed in communicating the limitations, weaknesses, and even dangers of its preferred models to the public. This state of affairs makes clear the need for a major reorientation of focus in the research economists undertake, as well as for the establishment of an ethical code that would ask economists to understand and communicate the limitations and potential misuses of their models.
Clique aqui para ler o artigo de autoria conjunta de David Colander, Hans Föllmer, Armin Haas, Michael Goldberg, Katarina Juselius, Alan Kirman, Thomas Lux e Brigitte Sloth.
Para aqueles que ainda pensam que o problema de formação educacional não se restringe ao mundo dos economistas, recomendo o artigo intitulado “End the University as We Know It“, de autoria de Mark Taylor e publicado no New York Times, que contém uma crítica importante ao modus operandi das atuais uniersidades ao redor do mundo. Clique aqui para acessá-lo.
Se você pensa que a recente crise econômica pode ter efeitos sobre a formação de um economista, a revista norte-americana BusinessWeek publicou uma recente e provocante reportagem que leva o título de “What Good Are Economists Anyway?” Clique aqui para acessá-la. A frase de abertura já diz tudo: “Economists mostly failed to predict the worst economic crisis since the 1930s. Now they can’t agree how to solve it. People are starting to wonder: What good are economists anyway?”