'Sir Thomas Gresham said that bad money drives out good. In Economics, bad theory has driven out good. This fact shaped the decisions of bankers and regulators and thus serves partly to explain the crisis that broke in 2007 and whose shadow extends to this day. This lecture will explore key areas in which Economics has chosen to take what Victoria Chick regards as the wrong path and how these developments led to changes in the institutional structure of the economy and the behaviour of its participants that made it less stable and less able to contribute to general economic well-being.
All our lectures are available for free download from the Gresham College website, in video, audio or text formats: gresham.ac.uk
Gresham College professors and guest speakers have been giving free public lectures in central London since 1597. This tradition continues today and you can attend any of our lectures, or watch or listen to them on our website.
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