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This book explores how successful the various tenets of economic thought have been in prognosticating or remedying economic crises. Examining key episodes in economic history, from famines in antiquity to present-day financial collapse, the author finds that several theories failed to cope with a crisis and lost their academic impact. The author also presents cases in which major theoretical innovations were achieved after the experience of a crisis as well as cases where a completely new theory was needed to explain and face the events. This book will appeal to researchers and scholars interested in understanding how theoretical developments in economics are affected by real-world economic crises.
List of contents
Preface.- 1 Introduction: Delusions and Lessons.- 2 Forms of Economic Theories and Crises.- 3 How Old are Economics?.- 4 Economic Crises and Practices in the Roman and Byzantine Era.- 5 Economic Theories and Practices in Medieval Europe.- 6 Economics before the Industrial Revolution.- 7 The Industrial Revolution and the Foundation of Classical Economics.- 8 Crises and Theories After the Industrial Revolution.- 9 From Accumulation to Distribution.- 10 The Great Crisis and the Theory of Keynes.- 11 Theories of Central Planning and the Socialist Crises.- 12 From Keynesian Economics to Stagflation.- 13 Development, Collapse and New Theories.- 14 Post 2008: Challenging the Foundations of Orthodoxy.- 15 Is there a Methodological Crisis in Economics?.
About the author
Nicos Christodoulakis is Professor of Economic Analysis at the Athens University of Economics and Business (AUEB) and Research Associate with the Hellenic Observatory at the London School of Economics. In 2002-2003, he was Minister of Finance in Greece and acting Chairman of the Eurogroup. He has written extensively on growth and economic policy - and on the Greek and the Eurozone crisis in particular. His last book is on Euro or Drachma for Greece? Dilemmas and delusions. "
Summary
This book explores how successful the various tenets of economic thought have been in prognosticating or remedying economic crises. Examining key episodes in economic history, from famines in antiquity to present-day financial collapse, the author finds that several theories failed to cope with a crisis and lost their academic impact. The author also presents cases in which major theoretical innovations were achieved after the experience of a crisis as well as cases where a completely new theory was needed to explain and face the events. This book will appeal to researchers and scholars interested in understanding how theoretical developments in economics are affected by real-world economic crises.
