It was our pleasure to welcome World-Renowned Economist Meghnad Desai to Intrepid Radio! He recently joined us to discuss his new book Hubris, Why Economists Failed to Predict the Last Crisis and How to Avoid the Next One, which not only provides what the title suggests but it weaves the answers in classic economic theories so that the reader can gain a much better understanding of economics.
Meghnad provides his great insights on the following in this episode:
- The economic crisis in Greece
- The economic crisis in Puerto Rico
- The state of current Chinese markets and how it affects the global economy
- An analysis of the 2016 presidential candidates economic stimulus initiatives
- Why economists need to re-engage with the history of economic thought
- Why economists failed to predict the crisis and how to avoid the next one
- Why economic life should be understood in terms of business cycles, rather than equilibrium
- Other lessons from his new book: Hubris
Meghnad Desai is emeritus professor of economics, London School of Economics, where he was also founder and former director of the Global Governance Research Centre. He is a member of the House of Lords on Labour benches. Lord Desai is the Chairman of the Official Monetary and Financial Institutions Forum.
Learn more about and/or connect with Meghnad on this website: http://www.omfif.org/
The failure of economists to anticipate the global financial crisis and mitigate the impact of the ensuing recession has spurred a public outcry. Economists are under fire, but questions concerning exactly how to redeem the discipline remain unanswered. In this provocative book, renowned economist Meghnad Desai investigates the evolution of economics and maps its trajectory against the occurrence of major political events to provide a definitive answer.
Desai underscores the contribution of hubris to economists’ calamitous lack of foresight, and he makes a persuasive case for the profession to re-engage with the history of economic thought. He dismisses the notion that one over-arching paradigm can resolve all economic eventualities while urging that an array of already-available theories and approaches be considered anew for the insights they may provide toward preventing future economic catastrophes. With an accessible style and keen common sense, Desai offers a fresh perspective on some of the most important economic issues of our time. (from http://www.amazon.com/Hubris-Economists-Failed-Predict-Crisis-ebook/dp/B00VEHAGXO)