The (un)predictability of the crisis and the pluralism in Economics.

Vol. 33 No. 4 (2013)

Oct-Dec / 2013
Published October 1, 2013
PDF-Portuguese (Português (Brasil))
PDF-Portuguese (Português (Brasil))

How to Cite

Lopes Milaré, Luís Felipe. 2013. “The (un)predictability of the Crisis and the Pluralism in Economics.”. Brazilian Journal of Political Economy 33 (4):659-70.

The (un)predictability of the crisis and the pluralism in Economics.

Luís Felipe Lopes Milaré
Mestre em Economia pela Universidade Federal de São Carlos (UFSCar)
Brazilian Journal of Political Economy, Vol. 33 No. 4 (2013), Oct-Dec / 2013, Pages 659-670


This paper discusses the predictability of the last global economic crisis relating it to the lack of pluralism in Economics. In order to do so, first is presented a literature review of the development of economic theory in recent years. Then the two main views on the predictability of the crisis are presented: (1) the economic models used to understand the economy did not incorporate bubbles so, the crisis was unpredictable; and (2) the crisis was predictable when applied other methods of understanding the economy.

JEL Classification: B4; B5.

Keywords: crisis pluralism in Economics