Whether the new neoclassical synthesis is crisis-proof?

Abstract

The crisis emerging from 2008 has a long lasting financial and social effect on economics which is considerable also nowadays. The ruling approaches are becoming questionable, and several new approaches are coming into view, which were initially in a peripheral situation, but they stood up for the hard times.

The macroeconomics is also not an exception from it: the new neoclassical synthesis was forming from the last decades of the XX. century, and it was translated to the practice of the developed economies. Based on the opinion of some researchers this theory could not forecast (although it was able to do it) and manage the crisis, although the science and economic policy has waited for it regarding its method and progressivity.

The economic institution system based on the synthesis, the belief in the automatism of financial markets and the voluntary optimizing have contributed to the decrease of the risk-sensitivity of economic actors. One of the most important social science exercises of the next decades can be the synthesis of the economic theory and the connected disciplines of social science like ethics, law science and psychology.