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dc.contributor.authorColander, David C.en
dc.contributor.authorFöllmer, Hansen
dc.contributor.authorHaas, Arminen
dc.contributor.authorGoldberg, Michaelen
dc.contributor.authorKirman, Alanen
dc.contributor.authorJusélius, Katarinaen
dc.contributor.authorLux, Thomasen
dc.contributor.authorSloth, Brigitteen
dc.date.accessioned2009-03-11-
dc.date.accessioned2009-04-09T07:48:36Z-
dc.date.available2009-04-09T07:48:36Z-
dc.date.issued2009-
dc.identifier.urihttp://hdl.handle.net/10419/24885-
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
dc.language.isoengen
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen
dc.relation.ispartofseries|aKiel Working Paper |x1489en
dc.subject.jelA11en
dc.subject.jelB40en
dc.subject.jelG01en
dc.subject.ddc330en
dc.subject.keywordFinancial crisisen
dc.subject.keywordacademic moral hazarden
dc.subject.keywordethic responsibility of researchersen
dc.subject.stwWirtschaftswissenschaftleren
dc.subject.stwVerantwortungen
dc.subject.stwMoral Hazarden
dc.subject.stwWirtschaftstheorieen
dc.subject.stwWirtschaftsmodellen
dc.subject.stwFinanzmarktkriseen
dc.subject.stwKritiken
dc.titleThe financial crisis and the systemic failure of academic economics-
dc.typeWorking Paperen
dc.identifier.ppn593508424en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:ifwkwp:1489en

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