Reconstructing Economics in Light of the 2007-? Financial Crisis

Autor/in	Friedman, Benjamin M.
Titel	Reconstructing Economics in Light of the 2007-? Financial Crisis
Quelle	In: Journal of Economic Education, 41 (2010) 4, S.391-397 (7 Seiten)Infoseite zur Zeitschrift PDF als Volltext Verfügbarkeit
Sprache	englisch
Dokumenttyp	gedruckt; online; Zeitschriftenaufsatz
ISSN	0022-0485
Schlagwörter	Macroeconomics; Economic Climate; Financial Problems; Economics Education; Monetary Systems; Credit (Finance); Institutional Role; Free Enterprise System; Undergraduate Study + Suchen Sie Ihr Suchwort? Makroökonomie; Wirtschaftslage; Wirtschaftskunde; Monetary system; Währungssystem; Credit; Kredit; Freie Wirtschaft; Grundstudium
Abstract	The lessons learned from the recent financial crisis should significantly reshape the economics profession's thinking, including, importantly, what we teach our students. Five such lessons are that we live in a monetary economy and therefore aggregate demand and policies that affect aggregate demand are determinants of real economic outcomes; that what actually matters for this purpose is not money but the volume, availability, and price of credit; that the fact that most lending is done by financial institutions matters as well; that the prices set in our financial markets do not always exhibit the "rationality" economists normally claim for them; and that both frictions and the uneven impact of economic events prevent us from adapting to disturbances in the way textbook economics suggests. (Contains 1 note.) (As Provided).
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Erfasst von	ERIC (Education Resources Information Center), Washington, DC
Update	2017/4/10