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dc.contributor.authorColander, David C.en_US
dc.contributor.authorFöllmer, Hansen_US
dc.contributor.authorHaas, Arminen_US
dc.contributor.authorGoldberg, Michaelen_US
dc.contributor.authorKirman, Alanen_US
dc.contributor.authorJusélius, Katarinaen_US
dc.contributor.authorLux, Thomasen_US
dc.contributor.authorSloth, Brigitteen_US
dc.identifier.citationKiel working paper 1489 Kiel Inst. for the World Economy, Kiel-
dc.description.abstractThe economics profession appears to have been unaware of the long build-up to the current worldwide financial crisis and to have significantly underestimated its dimensions once it started to unfold. In our view, this lack of understanding is due to a misallocation of research efforts in economics. We trace the deeper roots of this failure to the profession's insistence on constructing models that, by design, disregard the key elements driving outcomes in real-world markets. The economics profession has failed in communicating the limitations, weaknesses, and even dangers of its preferred models to the public. This state of affairs makes clear the need for a major reorientation of focus in the research economists undertake, as well as for the establishment of an ethical code that would ask economists to understand and communicate the limitations and potential misuses of their models.en_US
dc.publisherKiel Institute for the World Economy (IfW) Kielen_US
dc.relation.ispartofseriesKiel working paper 1489en_US
dc.subject.keywordFinancial crisisen_US
dc.subject.keywordacademic moral hazarden_US
dc.subject.keywordethic responsibility of researchersen_US
dc.subject.stwMoral Hazarden_US
dc.titleThe financial crisis and the systemic failure of academic economicsen_US
dc.typeWorking Paperen_US
Appears in Collections:Kieler Arbeitspapiere, IfW
Publikationen von Forscherinnen und Forschern des IfW

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