Arenas ekonomiska råd rapport 2. Axel Leijonhufvud: Economics of the Crisis and the Crisis of Economics
The questions I want to discuss in these lectures all pertain to the extra-ordinary nature of balance sheet recessions in general and, of course, the present one in particular: What makes them different from ordinary cyclical recessions? How do they come about? What makes them peculiarly intractable? What policies are effective or less effective in dealing with them?
Apart from these substantive questions, there is one further question worth considering, namely, what kind of economic theory helps us understand these matters better? And what kinds do not?