Economic Crisis and Economics

The credit crunch and economic crisis have shaken the very foundations on which economists build their science. Economic scientists have renewed their efforts to find a new fundamental understanding of the economic system and create more suitable models to analyse future developments, especially models that send out early warning signals. Economic policy is searching for ways out of the crisis through stricter rules to govern sovereign debt and by enhanced stimulation of growth. For economics, aspects such as sustainability, interdisciplinary collaboration of the social sciences, shoring up the welfare state and improving the health, old-age pension and education system are gaining in importance.