The Terrible Simplifers: Common origins of financial crises and persistent poverty in economic theory and the new ‘1848 moment’ Erik S. Reinert

This paper argues that long periods of economic progress in the core countries lead to increasingly abstract and irrelevant economic theories, which leads to turning points towards more relevant economic theories, referred to as ‘1848 moments’.

Terrible_Simplifers (Download the full text in PDF format)

(This article was originally published under UN/DESA Working Papers series as DESA Working Paper No. 88)