Zombie Economics: How Dead Ideas Still Walk among Us
Speaker(s): Professor John Quiggin
Chair: Professor Andrea Prat
Recorded on 25 November 2010 in Sheikh Zayed Theatre, New Academic Building.
The recent financial crisis laid bare many of the assumptions behind market liberalism--the theory that market-based solutions are always best, regardless of the problem. For decades, their advocates dominated mainstream economics, and their influence created a system where an unthinking faith in markets led many to view speculative investments as fundamentally safe. The crisis seemed to have killed off these ideas, but they still live on in the minds of many-- even some of those charged with cleaning up the mess. John Quiggin explains how these dead ideas still walk among us--and why we must find a way to kill them once and for all if we are to avoid an even bigger financial crisis in the future. John Quiggin is professor of economics at the University of Queensland in Australia.