Authors: Doug McTaggart, Christopher Findlay and Michael Parkin

Our points are the following:

• The global financial crisis and recession have brought renewed calls for reform of the economic system and a greater degree of regulation of markets, especially financial markets.

• That idea is wrong. The current crisis is a failure of regulation that calls for not more regulation, but the right regulation.

• The crisis has also brought calls for the heads of economists for failing to anticipate and avoid it. That idea, too, is wrong: much economic research pointed to the emerging problem.

• More economic research (and teaching), not less, is the best hope of both emerging from the current crisis and of avoiding future ones.

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