Why It's A Big Problem That Economists Still Don't Understand Money
Odd Lots
Bloomberg
4.5 • 2K Ratings
🗓️ 30 December 2019
⏱️ 43 minutes
🧾️ Download transcript
Summary
The severity of the Great Financial Crisis took economists by surprise, particularly the ones who believed that markets were largely stable and self-regulating. So why did so many eminent thinkers get it so wrong? On this week's episode of Odd Lots, we speak with Lord Robert Skidelsky, an economic historian who is known for being the pre-eminent biographer of John Maynard Keynes. Skidelsky is the author of the new book “Money and Government: The Past and Future of Economics”, and he tells us why economists' failure to understand what money is has been so detrimental to their understanding of the world.
See omnystudio.com/listener for privacy information.
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Welcome to Crash Course, a podcast about business, political, and social disruption and what we can learn from it. |
| 0:07.0 | I'm Tim O'Brien. Every week on Crash Course, I'm going to bring listeners directly into the arenas where epic upheavals occur and |
| 0:15.5 | I'm going to explore the lessons we can learn when creativity and ambition collide |
| 0:20.7 | with competition and power. |
| 0:23.0 | Listen to Crash Course every Tuesday on the IHeartRadio app, Apple Podcasts, |
| 0:28.0 | or wherever you get your podcasts. Hello and |
| 0:45.0 | I'm Tracy Allaway. |
| 0:50.0 | Tracy Alaway. So Tracy, both of us are careers in finance media. |
| 0:55.4 | It's roughly around the same time, all right? |
| 0:58.9 | Like, you started pretty much just before the financial crisis. |
| 1:02.8 | Yeah, that's right. |
| 1:03.6 | In fact, I joined the Financial Times |
| 1:06.1 | in September of 2008, |
| 1:09.2 | so actually directly in the middle of the financial crisis. |
| 1:12.6 | Well, that was like, that's the same month, yeah, |
| 1:15.2 | that I, or maybe October 2008, |
| 1:16.6 | I started Business Insider, and we really, |
| 1:19.3 | I always thought it was like the best time |
| 1:22.0 | in terms of career timing wise, because there was just so much to cover in those days. |
| 1:27.2 | Absolutely and the best part was because everything that was happening was so unusual and so new you were sort of on an even footing with people |
| 1:35.2 | who'd been covering it for years and years and years. |
| 1:37.6 | Everyone was trying to figure out what was going on at exactly the same time. |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Bloomberg, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Bloomberg and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.