Hubris : why economists failed to predict the crisis and how to avoid the next one / Meghnad Desai
- Desai, Meghnad
- New Haven [Connecticut] : Yale University Press, 
- Copyright Date:
- Physical Description:
- xii, 287 pages : illustrations ; 23 cm
- Unraveling the threads -- The building blocks -- Cycles for the curious -- New tools for a new profession -- Causing a stir -- Declining fortunes -- The new globalization -- The search for an answer.
- "The failure of economists to anticipate the international economic crisis and lingering recession that continues even today has spurred public outcry and inspired legislative action. Economists are under fire, but questions concerning exactly how to redeem their discipline remain unanswered. In this insightful book, renowned economist Meghnad Desai looks at how and why economists have, in broad terms, splintered into the two groups which now dominate the profession--the Neoclassicals and Keynesians. He discusses non-mainstream theories--Marx's theories on cycles, Kondratieff cycles and Schumpeter's theory of creative destruction among them--that could have predicted the crisis but were sidelined because of tribal allegiances to these two dominant groups. Investigating the evolution of economics, he maps its trajectory against the occurrence of major political events to provide a definitive answer. Comprehensively dismissing the notion that one overarching paradigm can resolve all economic eventualities, Desai underscores the contribution of hubris to economists' calamitous lack of foresight. He makes a persuasive case for the profession to re-engage with the history of economic thought and urges that already-available theories and approaches be considered anew for the insights they may provide toward preventing future economic catastrophes. Eminently accessible and written with keen common sense, HUBRIS offers fresh perspectives on some of the most important economic issues of our time."--Jacket.
- 9780300213546 and 0300213549
- Bibliography Note:
- Includes bibliographical references (pages 269-272) and index.
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