The 2008 Crisis: Causes and Future Direction for the Academic Research

The main purpose of this paper is to examine the causes of the 2008 crisis, from theory to practice. A brief analysis of the so called failure of the economic professions is conducted, followed by the analysis of the most used theoretical concepts that have all missed to encompass behavioral elements. Next, we present three vital aspects for triggering the crisis and possibly doing so in the future too: information asymmetry in the banking sector, too big to fail theory and the need for a level playing field for the ECB and the Fed and capital control. A return to the art part of economics is the general conclusion.