Afterword: Modelling the political economy in the twenty-first century

Marsh, Nicky (2018) Afterword: Modelling the political economy in the twenty-first century. In, Political Economy, Literature and the Formation of Knowledge, 1720-1850. Taylor & Francis, pp. 220-231. (doi:10.4324/9781351009522).

Record type: Book Section

Abstract

When the global economic system began to slide towards recession in 2007, most professional economists were caught flat-footed. With a few notable exceptions, economists had failed to notice early warning signs, and, as banks around the world scrambled for liquidity, bond markets froze, and Lehman Brothers finally collapsed, most were unable to explain why these events were happening. In the long winter of 2008, there was a lot of professional soul-searching, widespread calls for economists to examine their assumptions and models, and a general sense that something had gone terribly wrong in the dismal scientists’ ability to explain the economic world we inhabit.

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