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Oct 28th 2009

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Cafe21C: The inadequacy of economics

In the first of our Cafe21C interview series, B21C editor Mike Hanley talks to Dr Paul Woolley, founder of the Paul Woolley Centre for Capital Market Dysfunctionality at the London School of Economics, the University of Toulouse, and UTS; Ron Bird, Professor of Finance and Economics at UTS: Business, and Jack Gray, Adjunct Professor of Economics at UTS: Business.

The conversation ranged across the gamut of economics, from the inadequacy of the efficient markets hypothesis, through the impact of agents on the size of the financial markets and their efficiency, through to policy prescriptions to avoid another crisis.

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Video:

CAFE21C | THE CRASH OF THE FINANCIAL SYSTEM: BAD LUCK OR BAD STRUCTURE

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Comments

  1. Bosco says:
    Jul 19th 2010 at 5:04 pm
    I think economics in the university setting is perhaps not taught the right way to be adequate. I thought this discussion from LSE was interesting http://www2.lse.ac.uk/publicEvents/events/2010/20090120t1830vSZ.aspx What is interesting is the focus in that discussion around two themes - 1) application of global / interdisciplinary knowledge, and 2) the importance of data and mathematics... I think the dismissal economics based on the claim of its simplified mathematic models is perhaps naive. The key is to be able to do more experiments and develop better sets of data to work with. I quite like the LSE discussion of economics being like Chemistry when Alchemy is still considered valid. And the objective is to do enough hard experimentation such that this "alchemistic" nature of how economics is currently practices is slowly disproved and removed.
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