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On the Crisis: Back to the Classics!

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  • Giorgio Lunghini

Abstract

Why had so few economists foreseen the crisis? The main reason is that economics has turned into a branch of applied mathematics, detached from real world institutions. In a monetary economy of production, real factors and financial factors are intertwined, and crisis is consequently no mere chance. Keynes and Marx show that the opposite is true: equilibrium can only come about by accident or design, for equilibrium ein Zufall ist. The shortcomings of the economic society in which we live are its failure to provide for full employment and its arbitrary and inequitable distribution of wealth and incomes, i.e. the same faults denounced by Keynes in 1936. And Keynes’s social philosophy is the only way out.

Suggested Citation

  • Giorgio Lunghini, 2010. "On the Crisis: Back to the Classics!," QA - Rivista dell'Associazione Rossi-Doria, Associazione Rossi Doria, issue 3, September.
    • Handle: RePEc:rar:journl:0192
    as

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    References listed on IDEAS

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    1. Targetti, Ferdinando, 1992. "Nicholas Kaldor: The Economics and Politics of Capitalism as a Dynamic System," OUP Catalogue, Oxford University Press, number 9780198283485.
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    More about this item

    Keywords

    Role of economics; Role of economists; Financial crisis; History of economic thought;
    All these keywords.

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • G01 - Financial Economics - - General - - - Financial Crises
    • B00 - Schools of Economic Thought and Methodology - - General - - - History of Economic Thought, Methodology, and Heterodox Approaches

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