in Cambridge Journal of Economics
March 2011; p ublished online August 2010 .
Journal Article. Subjects: General Aggregative Models; General Economics; Economic Methodology; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Macroeconomics and Monetary Economics; Multiple or Simultaneous Equation Models; Multiple Variables; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Econometric Modelling. 6903 words.
The present financial and economic crisis has revealed a systemic failure of academic economics and emphasised the need to re-think how to model economic phenomena. Tony Lawson seems...