Satyajit Das: The Cultural Transformation of the World of Finance (2/6)

The transcript discusses the evolution of financial theory following the 1987 stock market crash, highlighting the divergence between skepticism and academic responses. It critiques the reliance on complex financial models and emphasizes the importance of understanding the economic purpose behind financial actions. The text also explores the specialization in the finance industry and the risks of narrow perspectives, advocating for a broader societal and historical context in decision-making. The role of economic history in assessing financial risk is underscored, with references to influential figures like George Soros and Henry Kaufman.

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