Do We Really Need to Start from Scratch?

• Autorzy: Michał Gradzewicz , Krzysztof Makarski , Joanna Tyrowicz

Warianty tytułu

Czy naprawdę w ekonomii musimy zaczynać wszystko od początku?

• Języki publikacji: EN

Abstrakty

EN

This paper presents views and believes of the authors on the relevance of the current economic theory for the understanding of the complex world we live in. Has the crisis indeed demonstrated that as profession we are misled by the beauty of the mathematical models and the only useful, workable solutions at hand were provided in early 1930s? The purpose of this paper is to provide a review of the current state-of-the-art literature from the perspective of its usefulness in the context of economic crises. We argue that although we might be unable to answer many questions or to "predict" crises, the path we are following is the right one. Furthermore, going back to Keynes would not solve any of the identified problems and would generate problems on its own. Analysing the state of economics after the crisis it is argued that (i) we need models with micro-foundations, (ii) we need better models with micro-foundations. Already existent and promising directions for future research are discussed.(original abstract)

Czy kryzys finansowy naprawdę udowodnił, że ekonomiści dali się uwieść pięknu matematycznych modeli? Czy naprawdę jedyne sensowne rekomendacje dla polityki gospodarczej zaproponował już Keynes w latach 30.? Celem artykułu jest przedstawienie przeglądu współczesnej literatury ekonomicznej, przyjmując perspektywę wyzwań, jakie przed nauką stawiają kryzysy gospodarcze. Autorzy przekonują, że choć nie da się "przewidzieć" kryzysów, powrót do keynesizmu nie tylko nie pomoże w rozwiązaniu żadnego ze zidentyfikowanych problemów, ale wręcz przyczyni się do powstania nowych. Omawiając bieżącą literaturę, wskazujemy na (i) imperatyw stosowania modeli opartych na mikropodstawach oraz (ii) potrzebę dalszego rozwijania tych modeli. Przedstawiamy już znane a bardzo obiecujące kierunki dalszych badań.(abstrakt oryginalny)

Słowa kluczowe

EN

Economics; Financial crisis; Economic models; Literature review

PL

Ekonomia; Kryzys finansowy; Modele ekonomiczne; Przegląd literatury

• Czasopismo: Studia Ekonomiczne / Polska Akademia Nauk. Instytut Nauk Ekonomicznych
• Rocznik: 2009
• Numer: nr 3-4 (62-63)
• Strony: 191--211

Twórcy

autor

Michał Gradzewicz

• Narodowy Bank Polski

autor

Krzysztof Makarski

• Narodowy Bank Polski; Szkoła Główna Handlowa w Warszawie

autor

Joanna Tyrowicz

• Uniwersytet Warszawski; Narodowy Bank Polski; Rimini Center for Economic Analysis

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