This paper presents evidence that accounting (or flow-of-fund) macroeconomic models helped anticipate the credit crisis and economic recession. Equilibrium models ubiquitous in mainstream policy and research did not. This study identifies core differences, traces their intellectual pedigrees,...

The purpose of this paper is to present the main differences between New Institutional Economics, NIE, and Original Institutional Economics, OIE, and to question some of the proposals that call for the gap between the two approaches to be bridge. This does not preclude the possibilities of a...

The author conforms with inevitability to resolve the crisis conditioned problems on the basis of pure market self-regulation. However, it is believed that active and targeted investment policies of state could be implemented in market-friendly model. A number of state policy dimensions are...