The Failure to Predict the Great Recession
I was baffled when I realised that hardly anyone had foreseen the financial crisis.
- Ahir, H., & Loungani, P. (2014). There will be growth in the spring: How well do economists predict turning points? Vox, CEPR’s Policy Portal. http://voxeu.org/article/predicting-economic-turning-points. Accessed May 2016.
- Bagnai, A. (2015). Unhappy families are all alike. Minskyan cycles, Kaldorian growth, and the Eurozone peripheral crises. In Ó. Dejuán, E. Febrero, & J. Uxó (Eds.), Post-Keynesian views of the crisis and its remedies. London: Routledge.Google Scholar
- Baker, D. (2014, January 4). Economists and astronomers: Why are the former lost in space? Real-World Economics Review Blog. https://rwer.wordpress.com/2014/01/04/economists-and-astronomers-why-are-the-former-lost-in-space. Accessed Jan 2014.
- Barro, R. J. (2009, August 8). Lucas roundtable: Don’t fault the economists. The Economist. http://www.economist.com/blogs/freeexchange/2009/08/lucas_roundtable_dont_fault_th. Accessed Sept 2015.
- Benda, J. (1927). La trahison des clercs. Paris: Gasset. Repr. (1958).Google Scholar
- Bertocco, G. (2015). La crisi e le responsabilità degli economisti. Milan: Francesco Brioschi Editore. English edition: Bertocco, G. (2017). Crisis and the failure of economic theory. The responsibility of economists for the great recession. Cheltenham: E. Elgar.Google Scholar
- Blyth, M. (2013). Austerity. The history of dangerous idea. Oxford: Oxford University Press. Repr. 2015.Google Scholar
- Cassidy, J. (2010, January 13). Interview with Eugene Fama. The New Yorker. http://www.newyorker.com/news/john-cassidy/interview-with-eugene-fama. Accessed May 2011.
- Chang, H.-J. (2014). Economics: The user’s guide. London: Penguin Books.Google Scholar
- Chick, H.-J. (2011, November 18). Economics is lost - It must rediscover life’s values. The Guardian. http://www.theguardian.com/commentisfree/2011/nov/18/economics-keynes-schumacher. Accessed Dec 2011.
- Crouch, C. (2017). Can neoliberalism be saved from itself? London: Social Europe Edition.Google Scholar
- De Vecchi, N. (1993). Schumpeter viennese. Imprenditori, istituzioni e riproduzione del capitale Torino: Bollati Boringhieri. English edition: De Vecchi, N. (1995). Entrepreneurs, institutions and economic change. The economic thought of J.A. Schumpeter (1905–1925 (trans: Stone, A.). Aldershot: E. Elgar.Google Scholar
- The Economist. (2009, April 4). Minsky’s moment.Google Scholar
- The Economist. (2012, July 21a). The LIBOR affair. Banksters.Google Scholar
- The Economist. (2012, July 21b). The LIBOR scandal. The rotten heart of finance.Google Scholar
- The Economist. (2014, September 27). Scrambled signals. Did financial journalists fail to spot crisis?Google Scholar
- The Economist. (2015, August 8). One regulator to rule them all.Google Scholar
- The Economist. (2016, July 2). Liberalism after Brexit. The politics of anger. The Triumph of the Brexit campaign is a warning to the liberal international order.Google Scholar
- The Economist. (2016, July 16). Prosecuting financial firms. Hong Kong and Shanghaied. An investigation into an investigation of HSBC.Google Scholar
- The Economist. (2016, July 30). Financial instability. Minsky’s moment.Google Scholar
- The Economist. (2017, May 20). Financial crises. Predicting our economic future.Google Scholar
- Fagiolo, G., & Roventini, A. (2012). Macroeconomic policy in DSGE and agent-based models. Revue de l’OFCE, 124, 67–116.Google Scholar
- Galbraith, J. K. (2004). The economics of innocent fraud: Truth for our time. London and New York: Allen Lane-Penguin.Google Scholar
- Giles, C. (2008, November 25). The economic forecasters’ failing vision. Financial Times. https://www.ft.com/content/50007754-ca35-11dd-93e5-000077b07658. Accessed July 2017.
- Giocoli, N. (2016). Truth or precision? Some reflections on the economists’ failure to predict the financial crisis. Review of Austrian Economics. https://www.academia.edu/20215438/Truth_or_precision_Some_reflections_on_the_economists_failure_to_predict_the_financial_crisis. Accessed Apr 2016.
- Kirman, A. P., Bassett, D., & Claveau, F. (2016, October 16). Distinguished economist says economics has gone down a blind alley. Traditional economics is mathematically sophisticated without representing the fundamental features of the macro-economy. Evonomics.com. http://evonomics.com/macroeconomics-alan-kirman-blind-alley. Accessed Nov 2016.
- Krugman, P. (2014, April 25). Frustrations of the heterodox. Blog, The New York Times. http://krugman.blogs.nytimes.com/2014/04/25/frustrations-of-the-heterodox. Accessed May 2014.
- Krugman, P. (2014, May 22). Crisis of the Eurocrats. Blog, The New York Times. http://www.nytimes.com/2014/05/23/opinion/krugman-crisis-of-the-eurocrats.html. Accessed June 2014.
- Krugman, P. (2014, September 14). How to get it wrong. Blog, The New York Times. https://www.nytimes.com/2014/09/15/opinion/paul-krugman-how-to-get-economic-policy-wrong.html. Accessed Sept 2014.
- Krugman, P. (2014, September 25). The dismal science. ‘Seven bad ideas’, by Jeff Madrick. Blog, The New York Times. http://www.nytimes.com/2014/09/28/books/review/seven-bad-ideas-by-jeff-madrick.html. Accessed Oct 2014.
- Lucas, R. E. (2007, September 19). Mortgages and monetary policy. The Wall Street Journal.Google Scholar
- Maris, B. (1999). Lettre ouverte aux gourous de l’économie qui nous prennent pour des imbéciles. Paris: Albin Michel.Google Scholar
- Marx, K. (1867). Das kapital. Buch I. English edition: Marx, K. (1976). Capital. Volume 1 (trans: Fowkes, B.). London: Pelican Book. Repr., London: Penguin Books in association with New Left Review (1990).Google Scholar
- Mian, A., & Sufi, A. (2014). House of debt. Chicago: Chicago University Press.Google Scholar
- Minsky, H. P. (1982). Can ‘it’ happen again? Essays on instability and finance. Armonk, New York: M.E. Sharpe.Google Scholar
- Mirowski, P. (2013). Never let a serious crisis go to waste. London: Verso.Google Scholar
- Moro, B. (2016). The core characteristics of financial crisis. In B. Moro & V. A. Beker (Eds.), Modern financial crisis. Argentina, United States and Europe. Heidelberg: Springer.Google Scholar
- Office of Official Reporters. (2008). Financial crisis and the role of financial regulators. Committee of Hearings of the U.S. House of Representatives, 23 October. https://democrats-oversight.house.gov/sites/democrats.oversight…/20081024163819.pdf. Accessed Aug 2017.
- Paulson, H. M. (2008). Remarks by the secretary Henry M. Paulson, Jr. on the U.S. economy, housing and capital markets before the Washington Post 200 Lunch. Washington, DC. https://www.treasury.gov/press-center/press-releases/Pages/hp981.aspx. Accessed Dec 2015.
- Perino, M. (2010). The hellhound of wall street. How Ferdinand Pecora’s investigation of the great crash forever changed American finance. New York: The Penguin Press.Google Scholar
- Petri, F. (2018). Class struggle and hired prize-fighters. A Marx-inspired perspective on the present state of economic theory and its social causes. STOREP 2018 Conference, 28–30 June, Genova. http://conference.storep.org/index.php?conference=storep-annual-conference&schedConf=2018&page=paper&op=view&path%5B%5D=279&path%5B%5D=241. Accessed June 2018.
- Posner, R. A. (2009). A failure of capitalism. The crisis of ’08 and the descent into depression. Cambridge, Mass: Harvard University Press.Google Scholar
- Reich, R. B. (2007). Supercapitalism. The transformation of business, democracy, and everyday life. New York: Alfred A. Knopf. Repr. 2008.Google Scholar
- Richardson, M., Roubini, N. (2009, May 8). Perché serve un po’ di distruzione creatrice. Il Sole 24 Ore.Google Scholar
- Rodrik, D. (2015, September 10). Economists vs Economics. Project Syndicate. https://www.project-syndicate.org/commentary/economists-versus-economics-by-dani-rodrik-2015-09. Accessed Sept 2015.
- Rodrik, D. (2017, November 6). Rescuing economics from neoliberalism. Boston Review. https://bostonreview.net/class-inequality/dani-rodrik-rescuing-economics-neoliberalism. Accessed Nov 2017.
- Roncaglia, A. (1991). The Sraffian schools. Review of Political Economy, pp. 187–219.Google Scholar
- Roubini, N., & Mihm, S. (2010). Crisis economics. A crash course in the future finance. London: Penguin Books.Google Scholar
- Scarano, G. (2018). From long-term growth to secular stagnation. A theoretical comparison between régulation theory, Marxist approaches and present mainstream interpretation. Dipartimento di Economia, Università degli studi Roma Tre. Working papers. Forthcoming. https://dipeco.uniroma3.it/?contenuto=working-papers. Accessed June 2018.
- Shiller, R. J. (2000). Irrational exuberance. Princeton: Princeton University Press.Google Scholar
- Skidelsky, R. (2018, April 13). The advanced economies lost decade. Project Syndicate. https://www.project-syndicate.org/onpoint/the-advanced-economies-lost-decade-by-robert-skidelsky-2018-04?barrier=accesspaylog. Accessed Apr 2018.
- Soete, L. (2015). From the old ERA to a new era of ‘open knowledge creation’ in Europe. European Commission. Bruxelles: June. https://ec.europa.eu/research/innovation-union/pdf/expert-groups/rise/soete-era_open_knowledge.pdf. Accessed Nov 2015.
- Streeck, W. (2017). The return of the depressed as the beginning of the end of the neoliberal capitalism. In H. Geiselberger (Ed.), The great regression. Cambridge: Polity Press.Google Scholar
- Summers, L. H. (2016, February 15). The age of secular stagnation. What it is and what to do about it. Foreign Affairs. https://www.foreignaffairs.com/print/1116485. Accessed June 2016.
- Taleb, N. N. (2007). The black swan. London: Penguin Books.Google Scholar
- Toussaint, E. et al. (2016, April 13). What is to be done with the banks? Radical proposals for radical changes. Committee for the Abolition of Illegitimate Debt. http://cadtm.org/What-is-to.be-done-with-the-banks,13315. Accessed May 2016.
- Wolf, M. (2016, October 4). Deutsche Bank offers a tough lesson in risk. Financial Times. https://www.ft.com/content/56be629e-896e-11e6-8aa5-f79f5696c731. Accessed Nov 2016.
- Wren Lewis, S. J. (2016, August 12). Blanchard on DSGE. Mainly Macro. https://mainlymacro.blogspot.it/2016/08/blanchard-on-dsge.html. Accessed Aug 2016.
© Springer Nature Switzerland AG 2018