Saturday, March 5, 2011

The economics of conflicted advice

The movie The Inside Job was highly recommended to me. It is an Academy Award winning documentary which considers the origins of the Global Financial Crisis (GFC) and particularly focuses on conflicts of interest, including of economists in universities who write academic papers and books, sympathetic to vested interests, but do not reveal in those publications that they have received large consulting fees from those interests.

Last year, the director of the movie, Charles Ferguson, wrote a compelling and challenging article in the Chronicle of Higher Education, Larry Summers and the Subversion of Economics, which documents these conflicts of interest, and how they represent a serious problem for the university and government.

In Brisbane, the movie is currently showing at Palace Centro.

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