A new article was recently published by the Cambridge Journal of Economics:
Vinca Bigo & Ioana Negru, “Mathematical modelling in the wake of the crisis: a blessing or a curse? What does the economics profession say?” (CJoE, 2014, Volume 38 Issue 2, pp. 329-347).
Abstract: The economics profession has been heavily criticised for not anticipating the economic crisis that began in 2007. And even now economists seem unable to suggest ways out of this crisis. It is widely acknowledged that the emphasis of modern economics over the last 50 years has been heavily mathematical and formalistic. The aim of this paper is to examine whether, in the wake of the crisis, academic economists have examined this emphasis on mathematics and further to investigate the extent to which they are considering changing their methodological orientation. The results of our field study show that many economists have tended to reaffirm their position and argued for the use of newer, better mathematical models in economics.
Keywords: Economics, Crisis, Introspection, Reform, Mathematical modelling, Methodology, Prediction.