Some aspects of the economic crisis
Author:Horst Todt
JEL:M3, M31, L8
DOI:
Keywords:economic crisis, mortgages, international banking system
Abstract:
The article comments on some aspects of the present economic crisis. The role of bonuses
in a system with principal-agent relationship is discussed. Several other features like the
responsibility of rating institutes are considered. A main point is to question our knowledge
about the crisis. New developments in economics take soft factors into account. These
factors and the fact that at most “bounded rationality” guides human action throw some
doubt on ready-to-hand judgments.