The great crash of 2008 and the reform of economics
     Geoffrey M. Hodgson
Cambridge Journal of Economics 2009, 33, 1205–1221

The 2008 economic crash led to remarkable shifts of opinion among world leaders.
Does this crisis create favourable conditions for the reform and revitalisation of
economics itself—from a subject dominated by mathematical techniques to
a discipline more oriented to understanding real-world institutions and actors?
And why were warnings of financial collapse not heeded? Recent shortcomings are
partly related to the global triumph of market individualist ideology and partly to the
exaggerated roles of modelling and quantification. These failures of economics are
partly peculiar to the discipline and also a result of other wider institutional and
cultural forces