Seminar: Finanskrisen – hvorfor overraskede den økonomerne?

Time: Tuesday, 7 June 2011 at 13 -15

Venue: Danish Institute for International Studies, Main Auditorium, Strandgade 71, ground floor, 1401 Copenhagen K

Background

The economics profession appears to have been unaware of the long build-up to the current worldwide financial crisis and to have significantly underestimated its dimensions once it started to unfold.

Time: Tuesday, 7 June 2011 at 13 -15

Venue: Danish Institute for International Studies, Main Auditorium, Strandgade 71, ground floor, 1401 Copenhagen K

Background

The economics profession appears to have been unaware of the long build-up to the current worldwide financial crisis and to have significantly underestimated its dimensions once it started to unfold.

In a joint paper with a number of colleagues, Katarina Juselius argues that this lack of understanding is due to a misallocation of research efforts in economics.

The paper traces the deeper roots of this failure to the profession’s focus on models that, by design, disregard key elements driving outcomes in real-world markets.

The economics profession has failed in communicating the limitations, weaknesses, and even dangers of its preferred models to the public, it is argued.

This state of affairs underlines the need for a major reorientation of focus in the research economists undertake, the authors contend, as well as for the establishment of an ethical code that would ask economists to understand and communicate the limitations and potential misuses of their models.

SPEAKERS
* Katarina Juselius, Professor, University of Copenhagen
* Carl-Johan Dalgaard, Professor, University of Copenhagen
* Jakob Vestergaard, Senior Researcher, DIIS

PROGRAMME

13 -13.05
Introduction – Jakob Vestergaard, Senior Researcher, DIIS

13.05 – 13.45
The Financial Crisis and the Systemic Failure of Academic Economics – Katarina Juselius, Professor, University of Copenhagen

13.45 – 14.00
Coffee Break

14 – 14.20
Discussant – Carl-Johan Dalgaard, Professor, University of Copenhagen

14.20 – 15
Questions and Debate

Chair: Jakob Vestergaard, Senior Researcher, DIIS

The seminar will be held in English.

Participation is free of charge, but registration is required. Please use the online registration form.

And do so no later than Monday 6 June at 12.00 noon.

Please await confirmation by e-mail from DIIS for participation.

Danish Institute for International Studies (DIIS), The Conference Section, Strandgade 56, 1401 Kbn K, tlf. 32 69 87 51, e-mail: [email protected] og web: www.diis.