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Revista de Economía Institucional

Print version ISSN 0124-5996


ORMEROD, Paul. THE CURRENT CRISIS AND THE CULPABILITY OF MACROECONOMIC THEORY. Rev.econ.inst. [online]. 2010, vol.12, n.22, pp.111-128. ISSN 0124-5996.

The ideas of modern macroeconomics provided the intellectual justification of the economic policies of the last 10 to 15 years. It is these ideas which the financial crisis falsified. The dominant paradigm in macroeconomic theory over the past 30 years has been that of rational agents who form rational expectations about the future and make optimal decisions. The aim of the paper is to study how these agents deal with risk and uncertainty, the source of the problems of the discipline of economics, the economy and the financial crisis. Modern macroeconomics has responsibility for the financial crisis, because imposes its intellectual foundation to a world that operates in situations involving risk that are systematically underestimated and leads to not recognized situations of genuine uncertainty.

Keywords : rational agents; rational expectations; risk; uncertainty.

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