The mystery of economics

The awarding of a Nobel Prize to three economists with divergent views on the working of markets highlights a troubling truth about the state of the discipline: We still don’t know nearly enough about why the prices of stocks, bonds and other assets move the way they do.

If the economics profession wants to help the world avert – – or at least better survive — financial crises, it will have to be more open to new ways of looking at this question – writes