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The financial crisis as a tsunami Discourse profiles of economists in the financial crisis

Author

Listed:
  • Stephan Puehringer
  • Katrin Hirte

    (Institute for Comprehensive Analysis of the Economy, Johannes Kepler University Linz, Austria)

Abstract

The article analyses the role of economists in public discourse with regard to the financial crisis. Specifically, it focuses on the prevailing rhetorical strategies and the economic convictions of leading German - speaking economists as they appear in seven leading newspapers and magazines in the German - peaking area. Special attention is given to the prevailing rationales and explanations for the financial crisis as well as on the metaphors used for describing specific economic events in particular and the market economy in general. The results of this article show that while the financial crisis could have offered a possibility for a paradigm shift in economic thinking, there is not much evidence for such a shift among German - speaking economists. The observed stability of the dominant paradigm is attributed primarily to the very stable role of certain basic economic convictions, which are exposed through the use of specific metaphors as well as a characterization of the financial crisis as a (series of) extraordinary and exogenously given event(s). (e.g. "a tsunami")

Suggested Citation

  • Stephan Puehringer & Katrin Hirte, 2013. "The financial crisis as a tsunami Discourse profiles of economists in the financial crisis," ICAE Working Papers 14, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.
    • Handle: RePEc:ico:wpaper:14
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    Citations

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    Cited by:

    1. Pühringer, Stephan, 2016. "Still the queens of social sciences? (Post-)Crisis power balances of "public economists" in Germany," Working Paper Serie des Instituts für Ökonomie Ök-22, Hochschule für Gesellschaftsgestaltung (HfGG), Institut für Ökonomie.
    2. Pühringer, Stephan & Egger, Judith, 2016. "Wie krank ist unser Wirtschaftssystem? Krisen als Krankheiten im ökonomischen Diskurs," Working Paper Serie des Instituts für Ökonomie Ök-21, Hochschule für Gesellschaftsgestaltung (HfGG), Institut für Ökonomie.
    3. Graupe, Silja & Steffestun, Theresa, 2018. ""The market deals out profit and losses": Wie ökonomische Standardlehrbücher das unreflektierte Denken in Metaphern fördern," Working Paper Serie des Instituts für Ökonomie Ök-38, Hochschule für Gesellschaftsgestaltung (HfGG), Institut für Ökonomie.
    4. Rieder, Maria & Theine, Hendrik, 2018. ""Piketty is a Genius, but...": An Analysis of Journalistic Delegitimation of Thomas Piketty's Economic Policy Proposals," Department of Economics Working Paper Series 263, WU Vienna University of Economics and Business.
    5. Theine, Hendrik, 2019. "The media coverage of wealth and inheritance taxation in Germany," Department of Economics Working Paper Series 290, WU Vienna University of Economics and Business.
    6. Hendrik Theine, 2019. "The media coverage of wealth and inheritance taxation in Germany," Department of Economics Working Papers wuwp290, Vienna University of Economics and Business, Department of Economics.
    7. Stephan Puehringer, 2016. "Think Tank networks of German neoliberalism. Power structures in economics and economic policies in post-war Germany," ICAE Working Papers 53, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.
    8. Matthias Aistleitner & Stephan Puehringer, 2020. "Exploring the trade (policy) narratives in economic elite discourse," ICAE Working Papers 110, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.
    9. Wehrheim, Lino, 2021. "The sound of silence: On the (in)visibility of economists in the media," Working Papers 30, German Research Foundation's Priority Programme 1859 "Experience and Expectation. Historical Foundations of Economic Behaviour", Humboldt University Berlin.
    10. Christian Grimm & Jakob Kapeller & Stephan Puehringer, 2017. "Zum Profil der deutschsprachigen Volkswirtschaftslehre: Paradigmatische Ausrichtung und politische Orientierung deutschsprachiger Oekonom_innen (On the current state of German-speaking Economics: Para," ICAE Working Papers 70, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.

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