The Rating Agencies in the Toxic Game of Finance

Abstract

The real problem is the nature of our crisis : anthropological and not economic . The rational culture has changed the Economy- DNA from social science to positive and exact science . Instead the technical-rational culture applied to a social science like economics has produced a non-science ; Friedrich von Hayek already warned us of this in his speech on accepting the Nobel Prize in Economic Sciences in 1974:‘It seems to me that this failure of the economists to guide policy more successfully is closely connected with their propensity to imitate as closely as possible the procedures of the brilliantly successful physical sciences – an attempt which in our field may lead to outright error. […] This brings me to the crucial issue. Unlike the position that exists in the physical sciences, in economics and other disciplines that deal with essentially complex phenomena, the aspects of the events to be accounted for about which we can get quantitative data are necessarily limited and may not include the important ones’.

Keywords: Finance, Rating Agencies, Toxic, game


Article Review Status: Published

Pages: 61-68 (Download PDF)

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