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      THE ECONOMICS OF CRISIS AND THE CRISIS OF ECONOMICS AS SEEN FROM THE US EPICENTER

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      World Review of Political Economy
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            Abstract

            The intertwining of excessive financialization and extreme inequality was undermining the foundations of the US economy prior to the recent crisis. Mainstream economists were unable to recognize the symptoms. This failure was a repetition of economists' prior failures during earlier economic crises. In the midst of these crises, the reputation of economics suffers, but each subsequent recovery revives their reputations and their confidence in the market. The article concludes by showing how a defective conception of capital prevents a proper understanding of economic processes.

            Content

            Author and article information

            Journal
            worlrevipoliecon
            10.2307/j50005553
            World Review of Political Economy
            Pluto Journals
            2042891X
            1 April 2010
            : 1
            : 1
            : 70-80
            Article
            10.2307/41931867
            3e96c763-3177-4f64-b111-a637150bb75d
            © WORLD ASSOCIATION FOR POLITICAL ECONOMY 2010

            All content is freely available without charge to users or their institutions. Users are allowed to read, download, copy, distribute, print, search, or link to the full texts of the articles in this journal without asking prior permission of the publisher or the author. Articles published in the journal are distributed under a http://creativecommons.org/licenses/by/4.0/.


            Political economics

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