'INET Lunch, Berlin 2012
Ever since the Crash of 2008 there has been a widespread recognition, both among economists and the general public,
that economic theory has failed. But there is no similar consensus, even among participants of this conference, on
the nature and implications of that failure. As a sponsor of INET I am delighted because it shows that INET is open to
widely different strands of new economic thinking. But I am not only a sponsor; I am also the proponent of an alternative
interpretation of financial markets and today that is what I should like to talk about.
I believe that the failure is more profound than generally recognized. It goes back to the foundations of economic
theory. Economics tried to model itself on Newtonian physics. It sought to establish universally and timelessly...'
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