The 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...

The Financial Crisis of 2008, and the Great Recession in its wake, have shaken up macroeconomics. The paradigm of the "New" Neoclassical Synthesis, which seemed to provide a robust framework of analysis for short-run macro not long ago, fails to capture key elements of the recent crisis. This...

This article examines the contribution of Clément Juglar to the theory of periodic crises in the context of the evolution of the doctrine towards the middle of the nineteenth century. Juglar's original contribution (1862) and its evolution to the final form of his doctrine are described in...

This paper presents an analysis of the mathematical models of the prevailing orthodoxy within the field of financial economics in light of the financial crisis. The financial crisis presents a challenge to the language of orthodox financial economics. From an Austrian perspective, this challenge...

The Great Recession and the financial crisis of 2007-09 prompted calls for fundamental reforms of economic theory. The role of theory in economics and in recent economic events is considered in light of two recent books: the sociologist Richard Swedberg's "The Art of Social Theory" and the...

Credit risk models have played a key part in the global credit crisis. The main shortcomings of these models are examined and a new causal framework is proposed to build deductive credit default models that have predictive capabilities

This paper proposes the uses of the global economic crisis smash effect simulator as a theoretical framework to evaluate the final effects of any global financial crisis on the world economy. We present different scenarios and results according to different levels of devastation that the global...

The Great Recession and the financial crisis of 2007-09 prompted ca lls for fundamental reforms of economic theory. The role of theory in economics and in recent economic events is considered in light of two recen t books: the sociologist Richard Swedberg's The Art of Social Theory and the...