Like earthquakes, financial crises often involve a breakdown in friction. Economists are only just getting to grips with this fact

Many economics students are experiencing a disconnect between the content of their courses and the events taking place in the real world. Giving them the opportunity to learn about more than mere mathematics could be the solution

Economists are still grieving the 2008 financial crisis, and have now entered the third stage of the process: ‘bargaining’. However, a fixation on what could have been done differently makes it harder to tackle the issues head-on