THE ECONOMIC CRISIS VERSUS THE CRISIS OF ECONOMICS

The authors draw a parallel between the economic and financial crisis of 2008 up to 2010 and the crisis of Economics as a scientific discipline. Both bankers’ greed, with their toxic products, and consumers’ greed who, most of them, had borrowed money to buy a second home, were the most important causes of the recent financial crisis. The recent financial crisis has shown us that the Economics itself is in crisis because it is grounded on hypotheses unproven by reality. It refers both to the assumption of spontaneous market regulation and to that of the capitalization of interest. The work demotes these assumptions and proposes as the solution a sustainable development in which the individual returns to the fundamental values: family, environment, community, partnerships, resource saving, communion with others. The main conclusion is that the economy should be understood from the following holistic approaches: economic, social, cultural, philosophical, political and spiritual. With regard to money (as the subjects and the main objects of Economics), the rich is the one who gives, the one who helps his fellows and not the wealthy people of these days who have perverted the economy so that to justify the usury, the speculation and the financial engineering.