Financial Crises and the Failure of Economics
Richard Bookstaber, Writer, The End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction
Mina Toksoz, Research Fellow, Global Economy and Finance Department, Chatham House
The global economy may have recovered from the Great Recession but not our economics. In The End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction, Richard Bookstaber, one of the world's leading risk managers, discusses why the human condition and the radical uncertainty of the world renders the standard economic model—and the theory behind it—useless for dealing with financial crises. What model should replace it? Bookstaber will argue that none should - at least not any version that has been used over the past two hundred years.
Sweeping aside the historic failure of twentieth century economics, Bookstaber will offer a novel perspective, along with a more realistic and human framework, to help prevent today's financial system from failing again.