{"id":"https://openalex.org/W2117534612","doi":"https://doi.org/10.1093/cesifo/ifq017","title":"The Economic Crisis is a Crisis for Economic Theory","display_name":"The Economic Crisis is a Crisis for Economic Theory","publication_year":2010,"publication_date":"2010-11-19","ids":{"openalex":"https://openalex.org/W2117534612","doi":"https://doi.org/10.1093/cesifo/ifq017","mag":"2117534612"},"language":"en","primary_location":{"id":"doi:10.1093/cesifo/ifq017","doi":"https://doi.org/10.1093/cesifo/ifq017","is_oa":false,"landing_page_url":"https://doi.org/10.1093/cesifo/ifq017","pdf_url":null,"source":{"id":"https://openalex.org/S30207186","display_name":"CESifo Economic Studies","issn_l":"1610-241X","issn":["1610-241X","1612-7501"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-c","anvur-scientific","cwts-core","jufo-1","norway-1","poland-70","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"CESifo Economic Studies","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5080079347","display_name":"Alan P Kirman","orcid":"https://orcid.org/0000-0002-4152-6522","observed_orcids":["https://orcid.org/0000-0002-4152-6522"]},"institutions":[{"id":"https://openalex.org/I21491767","display_name":"Aix-Marseille Universit\u00e9","ror":"https://ror.org/035xkbk20","country_code":"FR","type":"education","lineage":["https://openalex.org/I21491767"]},{"id":"https://openalex.org/I4210129108","display_name":"Aix-Marseille Sciences Economiques","ror":"https://ror.org/02ek9wp67","country_code":"FR","type":"facility","lineage":["https://openalex.org/I1294671590","https://openalex.org/I21491767","https://openalex.org/I4210129108","https://openalex.org/I4210150854"]},{"id":"https://openalex.org/I90669466","display_name":"\u00c9cole des hautes \u00e9tudes en sciences sociales","ror":"https://ror.org/02d9dg697","country_code":"FR","type":"facility","lineage":["https://openalex.org/I90669466"]}],"countries":["FR"],"is_corresponding":true,"raw_author_name":"A. Kirman","raw_affiliation_strings":["GREQAM, Universit\u00e9 Paul C\u00e9zanne, EHESS, IUF. e-mail:"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"GREQAM, Universit\u00e9 Paul C\u00e9zanne, EHESS, IUF. e-mail:","institution_ids":["https://openalex.org/I21491767","https://openalex.org/I4210129108","https://openalex.org/I90669466"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5080079347"],"corresponding_institution_ids":["https://openalex.org/I21491767","https://openalex.org/I4210129108","https://openalex.org/I90669466"],"apc_list":{"value":3323,"currency":"EUR","value_usd":3583},"apc_paid":null,"fwci":39.243,"has_fulltext":false,"cited_by_count":281,"citation_normalized_percentile":{"value":0.99733213,"is_in_top_1_percent":true,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":97,"max":100},"biblio":{"volume":"56","issue":"4","first_page":"498","last_page":"535"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11270","display_name":"Complex Systems and Time Series Analysis","score":0.45750001072883606,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11270","display_name":"Complex Systems and Time Series Analysis","score":0.45750001072883606,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.33149999380111694,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11742","display_name":"Economic Theory and Policy","score":0.1597999930381775,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/2008-financial-crisis","display_name":"2008 financial crisis","score":0.8560000061988831},{"id":"https://openalex.org/keywords/macroeconomic-models","display_name":"macroeconomic models","score":0.7260000109672546},{"id":"https://openalex.org/keywords/general-equilibrium","display_name":"general equilibrium","score":0.9769999980926514},{"id":"https://openalex.org/keywords/mathematical-finance","display_name":"financial mathematics","score":0.6549999713897705},{"id":"https://openalex.org/keywords/complex-adaptive-systems","display_name":"complex adaptive systems","score":0.7020000219345093},{"id":"https://openalex.org/keywords/network-structure","display_name":"network structure","score":0.6779999732971191},{"id":"https://openalex.org/keywords/phase-transitions","display_name":"phase transitions","score":0.8640000224113464},{"id":"https://openalex.org/keywords/rationality-assumption","display_name":"rationality assumption","score":0.6320000290870667}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7794426679611206},{"id":"https://openalex.org/C4679612","wikidata":"https://www.wikidata.org/wiki/Q866298","display_name":"Aggregate (composite)","level":2,"score":0.5567213296890259},{"id":"https://openalex.org/C103382277","wikidata":"https://www.wikidata.org/wiki/Q282640","display_name":"General equilibrium theory","level":2,"score":0.5403500199317932},{"id":"https://openalex.org/C96016098","wikidata":"https://www.wikidata.org/wiki/Q853949","display_name":"Rational expectations","level":2,"score":0.5180402398109436},{"id":"https://openalex.org/C2778300220","wikidata":"https://www.wikidata.org/wiki/Q114380","display_name":"Financial crisis","level":2,"score":0.5163418054580688},{"id":"https://openalex.org/C83873408","wikidata":"https://www.wikidata.org/wiki/Q192311","display_name":"Business cycle","level":2,"score":0.4722713232040405},{"id":"https://openalex.org/C88548561","wikidata":"https://www.wikidata.org/wiki/Q347599","display_name":"sort","level":2,"score":0.4386384189128876},{"id":"https://openalex.org/C2781147659","wikidata":"https://www.wikidata.org/wiki/Q1151466","display_name":"Adaptive expectations","level":3,"score":0.43537163734436035},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.3882351815700531},{"id":"https://openalex.org/C165556158","wikidata":"https://www.wikidata.org/wiki/Q83937","display_name":"Keynesian economics","level":1,"score":0.37102848291397095},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.11909249424934387},{"id":"https://openalex.org/C192562407","wikidata":"https://www.wikidata.org/wiki/Q228736","display_name":"Materials science","level":0,"score":0.0},{"id":"https://openalex.org/C159985019","wikidata":"https://www.wikidata.org/wiki/Q181790","display_name":"Composite material","level":1,"score":0.0},{"id":"https://openalex.org/C23123220","wikidata":"https://www.wikidata.org/wiki/Q816826","display_name":"Information retrieval","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1093/cesifo/ifq017","doi":"https://doi.org/10.1093/cesifo/ifq017","is_oa":false,"landing_page_url":"https://doi.org/10.1093/cesifo/ifq017","pdf_url":null,"source":{"id":"https://openalex.org/S30207186","display_name":"CESifo Economic Studies","issn_l":"1610-241X","issn":["1610-241X","1612-7501"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-c","anvur-scientific","cwts-core","jufo-1","norway-1","poland-70","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"CESifo Economic Studies","raw_type":"journal-article"},{"id":"pmh:oai:CiteSeerX.psu:10.1.1.965.2529","doi":null,"is_oa":false,"landing_page_url":"http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.965.2529","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"http://www.umass.edu/preferen/You%20Must%20Read%20This/Kirman%202010%20Economic%20Crisis.pdf","raw_type":"text"},{"id":"pmh:oai:RePEc:oup:cesifo:v:56:y:2010:i:4:p:498-535","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.1093/cesifo/ifq017","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":76,"referenced_works":["https://openalex.org/W640698742","https://openalex.org/W1480807640","https://openalex.org/W1484799109","https://openalex.org/W1493997969","https://openalex.org/W1528857264","https://openalex.org/W1532762279","https://openalex.org/W1533368239","https://openalex.org/W1542647206","https://openalex.org/W1557955808","https://openalex.org/W1559496943","https://openalex.org/W1564383129","https://openalex.org/W1568652753","https://openalex.org/W1569050249","https://openalex.org/W1569421283","https://openalex.org/W1572930125","https://openalex.org/W1578254027","https://openalex.org/W1589549454","https://openalex.org/W1592831928","https://openalex.org/W1594052238","https://openalex.org/W1599518361","https://openalex.org/W1604673746","https://openalex.org/W1629693186","https://openalex.org/W1651316286","https://openalex.org/W1883896725","https://openalex.org/W1968450183","https://openalex.org/W1982731710","https://openalex.org/W1982792636","https://openalex.org/W1988456198","https://openalex.org/W2001250058","https://openalex.org/W2002402728","https://openalex.org/W2007180942","https://openalex.org/W2023576194","https://openalex.org/W2025881442","https://openalex.org/W2028648051","https://openalex.org/W2033741754","https://openalex.org/W2039748883","https://openalex.org/W2059756249","https://openalex.org/W2071059350","https://openalex.org/W2077791698","https://openalex.org/W2090637028","https://openalex.org/W2097036717","https://openalex.org/W2103679355","https://openalex.org/W2103970837","https://openalex.org/W2113687945","https://openalex.org/W2117991189","https://openalex.org/W2121749141","https://openalex.org/W2127981568","https://openalex.org/W2128646235","https://openalex.org/W2128992223","https://openalex.org/W2138285570","https://openalex.org/W2140409505","https://openalex.org/W2158438518","https://openalex.org/W2182610359","https://openalex.org/W2212314318","https://openalex.org/W2317118842","https://openalex.org/W2319350549","https://openalex.org/W2332918862","https://openalex.org/W2892200253","https://openalex.org/W2892387721","https://openalex.org/W2892843339","https://openalex.org/W2951607515","https://openalex.org/W2975308768","https://openalex.org/W2991953046","https://openalex.org/W3121435790","https://openalex.org/W3121806345","https://openalex.org/W3121990063","https://openalex.org/W3122004295","https://openalex.org/W3122318214","https://openalex.org/W3122597312","https://openalex.org/W3123232430","https://openalex.org/W3123285923","https://openalex.org/W3123637206","https://openalex.org/W3123723806","https://openalex.org/W3125000257","https://openalex.org/W3125454191","https://openalex.org/W4285719527"],"related_works":["https://openalex.org/W2887043231","https://openalex.org/W1780404377","https://openalex.org/W4214562331","https://openalex.org/W111799594","https://openalex.org/W4236147633","https://openalex.org/W1484163670","https://openalex.org/W2538065115","https://openalex.org/W7166743504","https://openalex.org/W1595848988","https://openalex.org/W2108643380"],"abstract_inverted_index":{"This":[0],"article":[1],"examines,":[2],"in":[3,19,75,84,182],"the":[4,9,12,21,42,50,64,76,85,107,115,123,129,141,150,183,195],"light":[5],"of":[6,11,23,78,87,162,197,218],"recent":[7],"events,":[8],"origins":[10],"difficulties":[13],"that":[14,67,112,128,153,159],"current":[15],"macroeconomic":[16,170],"models":[17,57,98],"have":[18,90,95],"encompassing":[20],"sort":[22],"sudden":[24],"crisis":[25],"which":[26,54,99,163],"we":[27,94,113,187],"are":[28,35,58,100,166,188],"currently":[29],"observing.":[30],"The":[31,208],"reasons":[32],"for":[33,119,221],"this":[34],"partly":[36,48],"due":[37],"to":[38,49,63,177,190,193],"fundamental":[39],"problems":[40],"with":[41,97,106],"underlying":[43],"General":[44],"Equilibrium":[45],"theory":[46,89],"and":[47,80,93,104,122,148],"unrealistic":[51,116],"assumptions":[52],"on":[53,216],"most":[55],"financial":[56],"based.":[59],"What":[60],"is":[61,66,110],"common":[62],"two":[65,164],"systematic":[68],"warnings":[69],"over":[70,81],"more":[71,125],"than":[72],"a":[73,134,144],"century":[74],"case":[77,86],"finance":[79],"30":[82],"years":[83],"equilibrium":[88],"been":[91],"ignored":[92],"persisted":[96],"both":[101],"unsound":[102],"theoretically":[103],"incompatible":[105],"data.":[108],"It":[109],"suggested":[111],"drop":[114],"individual":[117],"basis":[118],"aggregate":[120,130],"behaviour":[121],"even":[124,185],"unreasonable":[126],"assumption":[127],"behaves":[131],"like":[132],"such":[133],"'rational'":[135],"individual.":[136],"We":[137],"should":[138],"rather":[139],"analyse":[140],"economy":[142,184],"as":[143],"complex":[145],"adaptive":[146],"system,":[147],"take":[149],"network":[151],"structure":[152],"governs":[154],"interaction":[155],"into":[156],"account.":[157],"Models":[158],"do":[160],"this,":[161],"examples":[165],"given,":[167],"unlike":[168],"standard":[169],"models,":[171],"may":[172],"at":[173],"least":[174],"enable":[175],"us":[176],"envisage":[178],"major":[179],"'phase":[180],"transitions'":[181],"if":[186],"unlikely":[189],"be":[191],"able":[192],"forecast":[194],"timing":[196],"their":[198],"onset.":[199],"(JEL":[200],"codes:":[201],"B22,":[202],"D84,":[203],"D85,":[204],"E10,":[205],"E44)":[206],"Copyright":[207],"Author":[209],"2010.":[210],"Published":[211],"by":[212],"Oxford":[213,233],"University":[214,234],"Press":[215],"behalf":[217],"Ifo":[219],"Institute":[220],"Economic":[222],"Research,":[223],"Munich.":[224],"All":[225],"rights":[226],"reserved.":[227],"For":[228],"permissions,":[229],"please":[230],"email:":[231],"journals.permissions@oxfordjournals.org,":[232],"Press.":[235]},"counts_by_year":[{"year":2026,"cited_by_count":4},{"year":2025,"cited_by_count":14},{"year":2024,"cited_by_count":16},{"year":2023,"cited_by_count":15},{"year":2022,"cited_by_count":14},{"year":2021,"cited_by_count":17},{"year":2020,"cited_by_count":43},{"year":2019,"cited_by_count":15},{"year":2018,"cited_by_count":18},{"year":2017,"cited_by_count":17},{"year":2016,"cited_by_count":20},{"year":2015,"cited_by_count":12},{"year":2014,"cited_by_count":17},{"year":2013,"cited_by_count":21},{"year":2012,"cited_by_count":21}],"updated_date":"2026-11-07T11:25:07.637180","created_date":"2016-06-24T00:00:00"}
