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Török Zsófia Martina (Budapest Business School)
Book Review: Mainstream Economics: With or without You?(Anthony Elson, The Global Financial Crisis in Retrospect. 2017. Palgrave Macmillan US, New York, ISBN 978-1-137-59750-2)
Economics and Business Review, 2017, vol. 3 (17), nr 3, s. 159-163, bibliogr. 8 poz.
Recenzja, Przegląd literatury, Ekonomia, Program dostosowawczy IMF, Makroekonomia
Review, Literature review, Economics, IMF adjustment programme, Macroeconomics
Elson's book is also really important for the methodological analysis - and actually this is the very reason why this review is written. It reveals significant shortcomings in the mind-set of economists and policy-makers in the period leading up to the crisis. Two main topics are concerned: the efficiency of the global financial order and the inherent stability of a market oriented capitalist system. The latter used to be the focus of the attack by Keynes in his analysis provided on the causes of the Great Depression. With the development of some alternative macroeconomic models the framework of Keynes's thinking has been repeatedly reconsidered. New models are developed to deal with the policy of inflation targeting, as validated by the experience of the Great Moderation, which preceded the global financial crisis. (fragment of text)
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  1. Angner, E. (2015). To navigate safely in the vast sea of empirical facts - ontology and methodology in behavioral economics. Synthese, 192(11), 3557-3575.
  2. Csaba, L. (2014). Europai kozgazdasagtan [European economics]. Budapest, Hungary: Akademiai.
  3. Galbacs, P. (2015). The theory of new classical macroeconomics: a positive critique. New York, USA: Springer.
  4. Galbacs, P. (2016). Book review: Against the stream - unconventional lectures in economics. Society and Economy, 38(4): 559-569.
  5. Mellar, T. (2010). Valaszut előtt a makrookonomia? [Does macroeconomics face a dilemma?]. Kozgazdasagi Szemle, 57(7-8): 591-611.
  6. Mellar, T. (2015). Szemben az arral - Rendhagyo kozgazdasagi előadasok [Against the stream - unconventional lectures in economics]. Budapest, Hungary: Akademiai.
  7. Taylor, J. B. (2009). The financial crisis and the policy responses: An empirical analysis of what went wrong, NBER Working Paper No. 14631. Cambridge, USA: National Bureau of Economic Research. Retreived from
  8. Verick, S., & Islam, I. (2010). The great recession of 2008-2009: Causes, consequences and policy responses. Bonn, Germany: IZA.
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