Financial Crisis and the Failure of Economic Theory

1st Edition

Jorge Turmo Arnal

Published October 1, 2014
Reference - 208 Pages
ISBN 9781848935150 - CAT# Y211810
Series: Modern Heterodox Economics


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The global financial crisis of 2008 was largely unpredicted. If economic theory has a role to play in predicting future catastrophes then the methods we rely on need to change. The authors of this study propose a new theory of economics based on more detailed understanding of how and why people behave as they do within their environment. This anthropological approach uses the strengths of many existing economic theories, including Keynesian and Austrian economics, to present a new framework for anticipating and averting the financial crises of the future.

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