The Regeneration of Economics Going Forward

The transcript discusses the economics profession's response to the financial crisis, highlighting both its failures and successes. It reflects on the lessons learned from the 1930s to prevent another Great Depression. The text critiques the assumptions about free financial markets and the self-confidence of previous economic models. It also debates the dominant economic philosophies and the role of interventions. Finally, it emphasizes the importance of the INET institution in revitalizing and organizing economic thought.

What criticisms are made regarding the existing dominant philosophy in economics?

Why is the INET institution considered vital according to the text?