{"id":53791,"date":"2023-12-01T18:11:47","date_gmt":"2023-12-01T17:11:47","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/bullen-baeren-krisen-fatale-folgen-idealistischer-wirtschaftstheorien\/"},"modified":"2024-11-07T06:11:09","modified_gmt":"2024-11-07T05:11:09","slug":"bullen-baeren-krisen-fatale-folgen-idealistischer-wirtschaftstheorien","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/53791\/","title":{"rendered":"Bulls, Bears, Crises. Fatal Consequences of Idealistic Economic Theories"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-53791","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"In economics, two types of theory can be distinguished: \"idealistic economy\" assumes an ideal state and examines the conditions under which this can be achieved, such as the characteristics of the \"homo oeconomicus\". \"Realistic economics\" starts from the concrete and (therefore) takes into account the \"polarities\" of the \"homo humanus\", who forms his expectations under uncertainty. The sequence of prosperity and crisis (\"long cycle\") is characterised by the sequence in the dominance of realistic or idealistic theories. In the \"golden age\" of the 1950s and 1960s, e.g., Keynesian economics served as a \"navigation map\" of politics, while the subsequent crisis phase was shaped by the restored neoclassical economics. It legitimised the liberalisation of the financial markets, whose \"manic-depressive\" fluctuations had a lasting dampening effect on real investments and thus on economic growth. In addition, the associated changes in the valuation of assets and liabilities contributed significantly to the emergence of debt and financial crises.","onlinedate":"2019-11-10 12:00:00","lang":"German","publication_series":"","publication_date":"20191101","publication_date_year":"","publication_date_full":false,"publication_num_pages":"18","keywords":"[]","jelcodes":"[\"B10\",\"G01\",\"G12\",\"G41\"]","related_publications":"[]","pdf":379862,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"590","journal":"WIFO Working Papers","publisher":"","invisible":false,"external":false,"embargo_date":"2019-11-10 12:00:00","types":[44410],"research_groups":[3491,3500],"collaboration":"","persons":[3841],"persons_data":"[{\"personId\":3841,\"personName\":\"Stephan Schulmeister\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bulls, Bears, Crises. 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