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Ten years after

Summary:
From David Ruccio Everyone, it seems, is writing their version of the lessons to be learned after the crash of 2008. And most of them are getting it wrong. Here, for the record, are some of the lessons I’ve taken from the crash: What has changed—and, equally significant, what hasn’t—during the past decade? Mainstream economists got globalization wrong The policy consensus on economics has not fundamentally changed Mainstream economics has fallen in the eyes of the public—and for good reason Little has changed in terms of the teaching of economics Mainstream economists reject the new populism, which they helped to create The normal workings of capitalism created, together and over time, the conditions for the most severe set of crises since the first Great Depression Mainstream

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from David Ruccio

Everyone, it seems, is writing their version of the lessons to be learned after the crash of 2008. And most of them are getting it wrong.

Here, for the record, are some of the lessons I’ve taken from the crash:

  1. What has changed—and, equally significant, what hasn’t—during the past decade?
  2. Mainstream economists got globalization wrong
  3. The policy consensus on economics has not fundamentally changed
  4. Mainstream economics has fallen in the eyes of the public—and for good reason
  5. Little has changed in terms of the teaching of economics
  6. Mainstream economists reject the new populism, which they helped to create
  7. The normal workings of capitalism created, together and over time, the conditions for the most severe set of crises since the first Great Depression
  8. Mainstream economists, for the most part, haven’t even attempted to make sense of the role inequality played in creating the Second Great Depression
David F. Ruccio
I am now Professor of Economics “at large” as well as a member of the Higgins Labor Studies Program and Faculty Fellow of the Joan B. Kroc Institute for International Peace Studies. I was the editor of the journal Rethinking Marxism from 1997 to 2009. My Notre Dame page contains more information. Here is the link to my Twitter page.

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