Financial crises have been a regular feature of economic life in advanced countries since the industrial revolution. Towards the end of the twentieth century, however, economists noted that financial crises had become somewhat less common than had been in the nineteenth century. Some conjectured that this might be because we had come to understand macroeconomics and finance better and could, therefore, control our economies better. Whoops! We all know what happened next. And the biggest global financial crisis since the Great Depression was particularly severe in Ireland.
Ten years on, what have we learned? Do we now understand the causes of such crises? Could it happen again? Could it be even worse? What can we do to make it less likely? What can we do as individuals to protect ourselves from the complex, chaotic forces of global financial markets? Dr Pete Lunn is a behavioural economist. He runs a lab in Dublin that investigates our economic decision-making. He will discuss the systematic patterns in our perceptions, judgements and choices that leave us prone to crises, mistakes and, on occasion, financial calamity.
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