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The end of an illusion

Published online by Cambridge University Press:  09 November 2023

Joseph Vogl
Joseph Vogl*
Affiliation:
Humboldt University of Berlin, Germany/Princeton University, USA
*
Corresponding author: Joseph Vogl, Institute forGerman Literature, Humboldt University of Berlin, Unter den Linden 6, Berlin,Germany. Email: vogljose@cms.hu-berlin.de
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Mainstream economics must be conceived of as a sort of ‘dangerous’ knowledge – because its models (like the idea of efficient markets) offer no explanation for the regularity of crises and crashes in financial markets in the last decades; and because these models were also employed in the implementation and justification of these very markets. Just as the Lisbon earthquake of 1755 once shook modern theodicy to its foundations, so the financial tremors of the last twenty years threaten to undermine the scientific status of economic theory. What is at issue is nothing less than the validity, possibility, and tenability of a liberal or capitalist oikodicy, a theodicy of the economic universe. It is likely that we are dealing here with one of the greatest and most fatal of errors of modern economics.

Type
Forum: Money’s other worlds
Information
Finance and Society , Volume 1 , Issue 2 , 2015 , pp. 38 - 41
Creative Commons
Creative Common License - CCCreative Common License - BYCreative Common License - NCCreative Common License - ND
This is an Open Access article, distributed under the terms of the Creative Commons Attribution-NonCommercial-No Derivatives licence (http://creativecommons.org/licenses/by-nc-nd/4.0/), which permits noncommercial re-use, distribution, and reproduction in any medium, provided the original work is unaltered and is properly cited. The written permission of Cambridge University Press must be obtained for commercial re-use or in order to create a derivative work.
Copyright
© 2015 The Author(s)

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