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The professors and the banks: US views on the subprime crisis

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  • John Grahl

Abstract

This review article surveys accounts of the recent global financial crisis by ten leading economists -- nine in the US and one, Martin Wolf, in the UK -- all of whom are critical of mainstream economic thinking. Since their explanations of the crisis are very similar, the review concentrates on their differing views on three questions: the reform of the financial sector; the state of academic macroeconomics; and the global economic imbalances. Some of the writers have also considered recent austerity policies and their opinions on this topic are also discussed. The article closes by referring to some of the gaps in these accounts.

Suggested Citation

  • John Grahl, 2014. "The professors and the banks: US views on the subprime crisis," International Review of Applied Economics, Taylor & Francis Journals, vol. 28(3), pages 383-400, May.
    • Handle: RePEc:taf:irapec:v:28:y:2014:i:3:p:383-400
    DOI: 10.1080/02692171.2013.872088
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    References listed on IDEAS

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    1. Hashem M. Pesaran & Ron P. Smith, 2011. "Beyond the DSGE Straitjacket," CESifo Working Paper Series 3447, CESifo.
    2. James Crotty, 2012. "The great austerity war: what caused the US deficit crisis and who should pay to fix it?," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 36(1), pages 79-104.
    3. Jan Toporowski, 2012. "Neologism as Theoretical Innovation in Economics: The case of 'Financialisation'," Working Papers 171, Department of Economics, SOAS University of London, UK.
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