On the Crisis: Back to the Classics!
Journal title QA Rivista dell’Associazione Rossi-Doria
Author/s Giorgio Lunghini
Publishing Year 2010 Issue 2010/3 Language Italian
Pages 5 P. 125-129 File size 40 KB
DOI 10.3280/QU2010-003006
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Why had so few economists foreseen the crisis? The main reason is that economics has turned into a branch of applied mathematics, detached from real world institutions. In a monetary economy of production, real factors and financial factors are intertwined, and crisis is consequently no mere chance. Keynes and Marx show that the opposite is true: equilibrium can only come about by accident or design, for equilibrium "ein Zufall ist". The shortcomings of the economic society in which we live are its failure to provide for full employment and its arbitrary and inequitable distribution of wealth and incomes, i.e. the same faults denounced by Keynes in 1936. And Keynes’s social philosophy is the only way out.
Keywords: Role of economics, Role of economists, Financial crisis, History of economic thought
Jel codes: A110, G010, B000
Giorgio Lunghini, Sulla crisi: torniamo ai classici! in "QA Rivista dell’Associazione Rossi-Doria" 3/2010, pp 125-129, DOI: 10.3280/QU2010-003006