DOI Prefix : 10.9780 | Journal DOI : 10.9780/22307850
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Volume : III, Issue : XI, December - 2013

Financial Crises, Post Autistic Movement- Rethinking Economics

Roopa Patavardhan

DOI : 10.9780/22307850, Published By : Laxmi Book Publication

Abstract :

Economists' have been targeted for their unrealistic models which failed to predict the arrival of crisis and also which failed to reduce the aftermath of such crises, since early 20th century, be it the Great Depression of 1930s or the recent Global Financial Crisis of 2008. Research being undertaken in Economics, plus the way in which the subject is taught in Universities and put into to practice by the professional 'Economists' are being severely criticised from all possible corners of the civic society. One such major criticism movement was initiated by students from Universities of France, which was famously known as Post –Autistic Movement, in June 2000 by broadcasting an Open Letter addressing the Professors and those responsible for teaching. The sources of their discontentment were the uncontrolled use of mathematics, unrealistic assumptions and the imaginary world in the discourse of Economics. So in this background, an attempt has been made in this paper to document these recent developments in the field of Economics. The paper is structured in three sections. The first section will cover the introduction, financial crisis and evolution of consequent economic thoughts, followed by a brief note on the important issues aroused in Post Autistic Movement in the second section; further in the third and last section article will be concluded stating the need for re-thinking economics through a multidisciplinary approach in studying economics. This paper is one of the amateur documents and maiden attempt in Indian economic literature which is believed to be 'Food for Thought' for researchers and academicians.

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Cite This Article :

Roopa Patavardhan, (2013). Financial Crises, Post Autistic Movement- Rethinking Economics. Indian Streams Research Journal, Vol. III, Issue. XI, DOI : 10.9780/22307850, http://oldisrj.lbp.world/UploadedData/3340.pdf

References :

  1. Bimlesh, S. (2010). Globalization - Concepts, Opportunites and Challenges: The Indian Experience. Economic Affairs , 24-35.
  2. Butler, Jones and Stilwell (2009) Political Economy Now a struggle for alternative Economics at the University of Sydney, Sidney: Darlington
  3. Fullbrook, E. (ed.) (2003) The Crisis in Economics, London: Routledge.
  4. Global Financial Crisis: Causes, Imact, Policy Responses and Lessons. (2011). Economic Affairs .
  5. Myrdal, G. (1968) Asian Drama: An Enquiry into study of poverty of nation, New York: Pantheon.
  6. See Post-Autistic Economics Newsletter, Number 1, pp.1-3. 4 Namely Amarthya Sen, Robert Solow, Oliver Blanchard 5See http://www.autisme-economie.org/article3.html? lang=en.
  7. See http://www.paecon.net/Petitions.html for more examples of petitions
  8. Views expressed by Prof. Omkarnath at a conference “Crisis in Economics as a discipline” organised by Young Economists School University of Hyderabad on 12th May 2013.

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