Krisentheorie aus post-keynesianischer und österreichischer Sicht

This is the second part of the seminar, "A Hard Currency of Politics?". The discussion centers on the "The Currency of Politics" by Stefan Eich and is hosted by the journal European Law Open. Stefan Eich's presentation of his argument starts at minute 7:53. The discussion centers on the historic …

This paper presents an overview of different models which explain financial crises, with the aim of understanding economic developments during and possibly after the Great Recession. In the first part approaches based on efficient markets and rational expectations hypotheses are analyzed, which however do not give any explanation for the occurrence of financial crises and thus cannot suggest any remedies for the present situation. A broad range of theoretical approaches analyzing financial crises from a medium term perspective is then discussed. Within this group we focused on the insights of Marx, Schumpeter, Wicksell, Hayek, Fisher, Keynes, Minsky, and Kindleberger. Subsequently the contributions of the Regulation School, the approach of Social Structures of Accumulation and Post-Keynesian approach, which focus on long-term developments and regime shifts in capitalist development, are presented. International approaches to finance and financial crises are integrated into the analyses. We address the issue of relevance of all these theories for the present crisis and draw some policy implications. The paper has the aim to find out to which extent the different approaches are able to explain the Great Recession, what visions they develop about future development of capitalism and to which extent these different approaches can be synthesized.

Ce court-métrage interroge l’état actuel de l’économie avec des petits jeus d’esprit. Et il encourage la réflexion en retraçant la manière dont s’est imposée la conception contemporaine de l’économie.

How has financialisation changed saving? What are its implications on a macro-economic level and from a welfare state perspective?