Title: Macro and financial economics need a quantum leap

Authors: Sergio Rossi

Addresses: Department of Economics, Macroeconomics and Monetary Economics, University of Fribourg, Boulevard de Pérolles 90, CH-1700 Fribourg, Switzerland

Abstract: This paper highlights a number of flaws within macro and financial economics that originated the 2007-2011 global economic and financial crisis. These flaws are deeply rooted in neoclassical economics, so much so as the lack of pluralism within the economics profession makes it impossible for orthodox economists to understand how research and teaching activities in their discipline have given rise to a whole generation of economists who defined away the most urgent problems of real-world economies and failed to communicate the assumptions and limitations of their models. A quantum leap is required to overcome these flaws.

Keywords: economic theories; finance; macroeconomics; money; banking; banks; financial economics; quantum leaps; global crises; economic crises; financial crises; neoclassical economics; orthodox economists; real-world economies; assumptions; limitations; pluralism; economics education.

DOI: 10.1504/IJPEE.2011.044273

International Journal of Pluralism and Economics Education, 2011 Vol.2 No.3, pp.306 - 317

Received: 08 May 2021
Accepted: 12 May 2021

Published online: 12 Dec 2011 *

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