Responding to the financial crisis: Need for a new economics. Foxon, T. J. Environmental Innovation and Societal Transitions, 6:126–128, March, 2013.
Responding to the financial crisis: Need for a new economics [link]Paper  doi  abstract   bibtex   
This viewpoint argues that the financial crisis has also highlighted the failings of mainstream economic thinking, at both micro and macro-economic levels, in providing adequate and appropriate understanding of how economies work. As a result, it cannot inform well decisions by policy-makers. In particular, mainstream economics has neglected the complexity of systemic interactions and behavioural factors underlying modern economies, as well as the systemic dependence of economies on natural resources and ecosystem services. This piece discusses four heterodox economic approaches that could contribute to the development of a new economics. By focussing on what these approaches tell us about particular problems, a more realistic and useful economics can be developed, which can address the current economic challenges in ways consistent with realising a transition to a sustainable future.
@article{foxon_responding_2013,
	title = {Responding to the financial crisis: {Need} for a new economics},
	volume = {6},
	issn = {2210-4224},
	shorttitle = {Economic-financial crisis and sustainability transition},
	url = {http://www.sciencedirect.com/science/article/pii/S221042241200072X},
	doi = {10.1016/j.eist.2012.12.002},
	abstract = {This viewpoint argues that the financial crisis has also highlighted the failings of mainstream economic thinking, at both micro and macro-economic levels, in providing adequate and appropriate understanding of how economies work. As a result, it cannot inform well decisions by policy-makers. In particular, mainstream economics has neglected the complexity of systemic interactions and behavioural factors underlying modern economies, as well as the systemic dependence of economies on natural resources and ecosystem services. This piece discusses four heterodox economic approaches that could contribute to the development of a new economics. By focussing on what these approaches tell us about particular problems, a more realistic and useful economics can be developed, which can address the current economic challenges in ways consistent with realising a transition to a sustainable future.},
	urldate = {2013-06-30},
	journal = {Environmental Innovation and Societal Transitions},
	author = {Foxon, Timothy J.},
	month = mar,
	year = {2013},
	keywords = {finance, collapse},
	pages = {126--128},
	file = {Foxon - 2013 - Responding to the financial crisis Need for a new.pdf:C\:\\Users\\rsrs\\Documents\\Zotero Database\\storage\\6E3AAJF6\\Foxon - 2013 - Responding to the financial crisis Need for a new.pdf:application/pdf}
}
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