Please use this identifier to cite or link to this item: https://hdl.handle.net/2440/89419
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Type: Journal article
Title: Why 'state of the art' monetary theory was unable to anticipate the global financial crisis: a child's guide
Author: Rogers, C.
Citation: European Journal of Economics and Economic Policies: Intervention, 2014; 11(3):300-314
Publisher: Edward Elgar Publishing
Issue Date: 2014
ISSN: 2052-7772
2052-7764
Statement of
Responsibility: 
Colin Rogers
Abstract: ‘State of the art’ monetary theory was unable to anticipate or understand the global financial crisis because it rested on microeconomic foundations that precluded any meaningful role for money, finance or banking. These analytical and conceptual flaws have been known for a long time. But many either ignored or misunderstood their implications. This note provides a largely non-technical explanation of the conceptual flaws in ‘state of the art’ monetary theory that rendered it unable to anticipate, or understand, the global financial crisis of 2007–2008; and rendered it thereafter effectively useless as a guide to what should be done.
Keywords: time-0 auction; money-less Walrasian–Arrow–Debreu models
DOI: 10.4337/ejeep.2014.03.05
Appears in Collections:Aurora harvest 7
Economics publications

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