Anatole Kaletsky on the need for new economic thinking

The video discusses the ongoing crisis as a failure of ideas, not just ethics. It explores the historical reinvention of capitalism and the need for new economic models. The speaker emphasizes the importance of competition in economics and critiques the monopolization of ideas. The Phillips Curve is analyzed, highlighting the gap between theory and reality. The session concludes with a call for new methodologies and ideas.

Discuss the significance of the Phillips curve in economic theory as presented in the text.

What does the speaker suggest about the relationship between models and reality?

Why does the speaker believe that the assumptions of the vertical Phillips curve are no longer valid?