Panic is a particular type of anxiety disorder "diagnosed in people who experience spontaneous, seemingly out-of-the-blue panic attack and are preoccupied with the fear of it happening again", the Anxiety Disorder Association of America says in its website .Then, panic coincides with intense fear showing up with such symptoms as a feeling of imminent danger, the need to escape, palpitations, sweating, trembling, short breath, depersonalization, a feeling of choking, a feeling and fear of losing control and the like.
The ADAA goes on informing about the existence of diverse treatment options, such as the behavior therapy, the cognitive therapy, the cognitive-behavior therapy, relaxation techniques and the medication by anti-depressants or anxiolytics.
All that said, what might we say about panic when economic crises burst? Is economic theory so well equipped to tell us why both panic and crisis arise out of a once well-faring country.
The answer is: so and so! For psychology of markets is as much a developed field for the analysis of economic variables and actors, as silent about reliable policy prescriptions. And economic analysis is still trapped in the observation object it strives to understand and explain.
The former aporia about policy prescriptions also seemed to hit various partitions of economic thinking, such as the Austrian school, the Neo-schumpeterian (evolutionary) economics, and the latest developments within the statistically flavoured modern economics .
Then, no pills for such panic attacks have been thought of, preventing the fear of a fact from turning in a fact, and nobody among professional economists and politicians seems well-meant to inquire the causes behind the symptoms so to treat them and, if not heal, at least worry about a possible solution.
Yet, back to diagnosis economic science may be more well-equipped to figure out with a capitalistic disorder, when it starts delving into the root causes first by a case-by-case approach, then by setting up a more articulated therapy resting on the cases tackled and resolved.
But, pathology and diagnosis are possible only in junction with physiology, that is the understanding of the nature of an economic body or living system.
The journey of economic theory into solving distribution issues by confronting with a world we would easily attribute to the Earth rather than to Mars or Venus or the acadamic cloister, is so long that it will take years to start understanding it.
And why subjective panic translates into collective, objective, overall crisis when things are not that bad and the economic system is not yet that sick -that's a great opportunity to let us take a step further in the comprehension of our world.
The ADAA goes on informing about the existence of diverse treatment options, such as the behavior therapy, the cognitive therapy, the cognitive-behavior therapy, relaxation techniques and the medication by anti-depressants or anxiolytics.
All that said, what might we say about panic when economic crises burst? Is economic theory so well equipped to tell us why both panic and crisis arise out of a once well-faring country.
The answer is: so and so! For psychology of markets is as much a developed field for the analysis of economic variables and actors, as silent about reliable policy prescriptions. And economic analysis is still trapped in the observation object it strives to understand and explain.
The former aporia about policy prescriptions also seemed to hit various partitions of economic thinking, such as the Austrian school, the Neo-schumpeterian (evolutionary) economics, and the latest developments within the statistically flavoured modern economics .
Then, no pills for such panic attacks have been thought of, preventing the fear of a fact from turning in a fact, and nobody among professional economists and politicians seems well-meant to inquire the causes behind the symptoms so to treat them and, if not heal, at least worry about a possible solution.
Yet, back to diagnosis economic science may be more well-equipped to figure out with a capitalistic disorder, when it starts delving into the root causes first by a case-by-case approach, then by setting up a more articulated therapy resting on the cases tackled and resolved.
But, pathology and diagnosis are possible only in junction with physiology, that is the understanding of the nature of an economic body or living system.
The journey of economic theory into solving distribution issues by confronting with a world we would easily attribute to the Earth rather than to Mars or Venus or the acadamic cloister, is so long that it will take years to start understanding it.
And why subjective panic translates into collective, objective, overall crisis when things are not that bad and the economic system is not yet that sick -that's a great opportunity to let us take a step further in the comprehension of our world.
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