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Economic Crisis, Crisis of Economic Theory ?


There is little doubt that the crisis is a phenomenon that belongs to the intellectual category of “market failure”. It is also the case that it is associated with some kind of “economic theory failure”.  Let me make three types of remarks on this matter. The first one (1) concerns the core assumptions of modern economic theory. The second (2) addresses the discussion of the “efficient market hypothesis”.  My final comments (3-4) concern the criticism of the present scientific style of economic theory.

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