The Role of the Economics Profession in the Global Crisis

The transcript discusses the role of economic theories in the financial crisis, highlighting the responsibility of economists and the influence of the new classical paradigm. It critiques the American business model and reflects on the need for changes to prevent future crises.

How did the financial services industry select economic theories that suited their interests?

What does the speaker suggest about the relationship between economic theory and political realities?

What lessons does the speaker believe should be learned to prevent future economic crises?