Ana Akım Konjonktür Teorileri ve 2007 Küresel Finansal Krizi

Ersan BOCUTOĞLU
3.352 1.122

Abstract


2007 Global Financial Crisis has caused huge economic and financial consequences that cannot be compared to those experienced during the 1929 Great Depression. It was not surprising that mainstream (orthodox) economic theories were not able to predict the 1929 Great Depression since the dominant economic paradigm at that time depended theoretically on Say’s Law arguing that persistent economic crises are alien to free market economies. After the 1929 experience that shook up Say’s Law, Orthodox Keynesian, Orthodox Monetary, New Classical, Real Business and New Keynesian mainstream business cycles theories have been developed. Despite the theoretical and mathematical elegance of these theories, they all fail to understand, explain and predict the 2007 Global Financial Crisis. This unexpected situation has not only brought into question the performance of the mainstream business cycles theories but also damaged the scientific quality of economics as a social science today. Consequently the very failure of mainstream economics has opened up more space for the heterodox economics to maneuver that have been out of the sight for almost a century. Notably Post Keynesian and Austrian business cycles theories that are heterodox in character become popular in business cycles debates. This piece of work mainly tries to understand why the mainstream economics failed in 2007 Global Financial Crisis and proposes the review and the extension of the mainstream economic paradigm so that it benefits from the experiences of heterodox branches of economics

Keywords


2007 Global Financial Crisis, Mainstream Business Cycles Theories, Heterodox Business Cycles Theories

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DOI: http://dx.doi.org/10.18825/irem.42468

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