On the Value of Sociological Theory for Understanding the Economic Crisis of 2007-2010

URI http://harp.lib.hiroshima-u.ac.jp/pu-hiroshima/metadata/9952
File
Title
On the Value of Sociological Theory for Understanding the Economic Crisis of 2007-2010
Author
氏名 Steven L. Rosen
ヨミ
別名
Abstract

A natural reaction to the most recent economic crisis is a blame game: conservatives blame labor unions and lower income people for taking out house loans they couldn't afford, and liberals blame the Bush administration for deregulation and lax oversight, and Wall St. investors for unethical if not fraudulent investment schemes. Part of the blame should go to economists who have failed on two levels- 1) they largely failed to predict the biggest economic crisis since the Great Depression, and 2) they continue to fail to understand the full depth and breadth of the crisis in human terms. Though they can be forgiven the second, they cannot be forgiven the first, since the prediction of economic trends is their raison d'?tre. Sociology, it is argued here, continues to provide the necessary intellectual framework for understanding economic crises because it allows for a holism which is interdisciplinary, integrative and comprehensive. Sociological theory and reasoning offers us a way to avoid falling into the trap of the blame game or engaging in polemics, and the trap of over empiricist models of mainstream economics, yet still allows us the ability to appreciate the moral, political and human dimensions of the crisis.

Journal Title
県立広島大学人間文化学部紀要
Volume
6
Spage
169
Epage
181
Published Date
2011-02
Publisher
県立広島大学
ISSN
1346-7816
NCID
AA12116573
Language
eng
NIIType
Departmental Bulletin Paper
Text Version
出版社版
Sort Key
17
Old URI
Set
pu-hiroshima