FAMOUS ECONOMISTS WHO FORESAW THE GLOBAL CRISIS
The 1st World Keynes Conference, which was organized by Izmir University of Economics EKOLIDER (Leadership and Governance Research and Application Centre) that brought almost 120 famous economists together, will continue until June 29, 2013. Prof. Dr. Hakan Yetkiner, IUE Director of EKOLIDER and Vice Dean of Faculty of Business, Prof. Dr. Arne Heise, faculty member of Hamburg University and IUE, and Vice Rector Prof. Dr. Cemali Dinçer presented the opening speeches of the conference. Prof. Dr. Dinçer stated that the establishment story of Izmir University of Economics dated back to the 1st National Economy Congress organized by Ataturk, months before the Decleration of Republic of Turkey. He said, “Ataturk asked the trade authority to establish schools in the field of economics. Izmir Chamber of Commerce took Ataturk’s speech as a testimony, and named the university they founded in 2001 as Izmir University of Economics”.
Prof. Dr. Arne Heise pointed out the importance of many famous participants from all around the world attending the conference. He said, “We, as heterodox economists, published many articles at the beginning of 2000’s and announced the arrival of the global crisis. We were proven right about the global crisis. There will be heated arguments throughout the conference. Of course, we hope to deliver good news regarding the future of the economy, but the discussions will be often about the crisis”.
“Crisis is in the nature of this system”
Prof. Dr. John Weeks, a guest speaker from University of London, stated in his “Marx, Keynes and Economics for the 99 percent” titled conference that the established economy could not foresee the crisis because it does not base on realistic assumptions, and that Keynes was proved right once again. Prof. Dr. Weeks alleged that crisis was in the nature of capitalism, therefore the established economy could not understand the crisis. Weeks pointed out that capitalist economy depended on demands, and supply wouldn’t be understood without understanding the demand first, therefore Keynes had been right.
