What lessons should economists take from the world financial crisis?
According to two experts on this week's podcast, the answer lies in embracing uncertainty. They believe economic models overstate how much it is possible to know about the world and future events - and that economists have lost sight of this fact.
Roman Frydman, professor of economics at New York University addresses this in his new book Beyond Mechanical Markets.
Meanwhile David Tuckett of University College London believes that economics can learn much from psychology. He is pioneering new work into 'emotional finance'.
Also in the studio this week we have the Guardian's economics correspondent Phillip Inman. He is astounded that economists who failed to predict the crisis have not yet renounced their old working habits and seriously questioned their discipline.
But if current economic models are broken, what can replace them? And could emotions such as fear, greed, envy and pride be central to understanding how financial institutions operate?
Leave your thoughts below.
