Appell zur Reform der Ökonomie
Eine Appell zur Reform der Ökonomie, getragen von einer keynesianisch-institutionalistischen Allianz:
The web plea/petition in support of the words below by Paul Krugman now has over 1300 signatures, the majority of which are qualified academics. Thank you to everyone who has given their support.
But only 3% of the signatories are undergraduate students. Please ask your students if they support this statement. (You may remind everyone that signing is free, and they can leave the website before making a donation.)
„Few economists saw our current crisis coming, but this predictive failure was the least of the field’s problems. More important was the profession’s blindness to the very possibility of catastrophic failures in a market economy … the economics profession went astray because economists, as a group, mistook beauty, clad in impressive-looking mathematics, for truth … economists fell back in love with the old, idealized vision of an economy in which rational individuals interact in perfect markets, this time gussied up with fancy equations … Unfortunately, this romanticized and sanitized vision of the economy led most economists to ignore all the things that can go wrong. They turned a blind eye to the limitations of human rationality that often lead to bubbles and busts; to the problems of institutions that run amok; to the imperfections of markets – especially financial markets – that can cause the economy’s operating system to undergo sudden, unpredictable crashes; and to the dangers created when regulators don’t believe in regulation. … When it comes to the all-too-human problem of recessions and depressions, economists need to abandon the neat but wrong solution of assuming that everyone is rational and markets work perfectly.“ (New York Times, September 2nd, 2009.)
SIGN „Revitalizing Economics After the Crash“
I think this is an important opportunity to make an impact – and help to change economics for the better. Progress on the petition will be announced to the international press in October.