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Economics crisis

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Economic theory failed to envisage even the possibility of a financial crisis like the present one. A new foundation is needed that takes into account the interplay between heterogeneous agents.

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Acknowledgements

The authors are grateful to Mishael Milakovic for inspiring discussions.

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Author notes

  1. Frank Westerhoff is in the Department of Economics, University of Bamberg, Feldkirchenstraβe 21, D-96045 Bamberg, Germany. frank.westerhoff@uni-bamberg.de

Authors and Affiliations

  1. Thomas Lux is in the Department of Economics, University of Kiel, Olshausenstraβe 40, D-24118 Kiel, Germany, and is a member of the research group 'Risks in the Banking Sector' of the Kiel Institute for the World Economy. lux@bwl.uni-kiel.de,

    Thomas Lux & Frank Westerhoff

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  1. Thomas Lux
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  2. Frank Westerhoff
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Lux, T., Westerhoff, F. Economics crisis. Nature Phys 5, 2–3 (2009). https://doi.org/10.1038/nphys1163

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