The Beginnings of Intellectual Change

The transcript discusses the impact of financial crises, particularly the Lehman Brothers collapse, on the economics and finance professions. It highlights the renewed interest in liquidity and the establishment of new institutions like the Office of Financial Research to collect data. The text emphasizes the slow process of intellectual change and the need for new theories to understand evolving financial realities.

In what ways are researchers expected to adapt their theories to new databases?

Why is it important for academic thinking to evolve alongside material developments?