Towards a General Theory of Deep Downturns: Presidential Address from the 17th World Congress of the International Economic Association in 2014 (International Economic Association Series)

Joseph Stiglitz examines the theory behind the economic downturns that have plagued our world in recent times. This fascinating three-part lecture acknowledges the failure of economic models to successfully predict the 2008 crisis and explores alternative models which, if adopted, could potentially restore a stable and prosperous economy. Front Matter....Pages i-vi Introduction....Pages 1-4 Three Fundamental Questions....Pages 5-12 Three Strands of Theory....Pages 13-46 The Capitalist Economy as a Credit Economy....Pages 47-60 Concluding Remarks: The Crisis in Economics....Pages 61-63 Back Matter....Pages 64-71