Tag Archives: economic theory

Crisis and the Failure of Economic Theory

April 19, 2017

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iStock-471332612-cracked-roadThe contemporary economic crisis is an extraordinary opportunity to test the relevance of economic theory. The first lesson to be learnt from this crisis is that economic theories are not abstract constructions, extraneous to the real world, but they produce significant consequences for the welfare of a society. In other words, economic theories can cause crises. Giancarlo Bertocco explains.

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