John Cassidy, renowned economist and author of How Markets Fail, recently spoke at the Mackenzie Speakers Series in partnership with The Globe and Mail.

Villains abound, as do chroniclers of what caused the recession we’re barely out of. But John Cassidy offers the most clear-eyed view of what really produced disaster for America and the rest of the world’s ‘advanced’ economies. Greed? Cockiness? Stupidity? Deregulation? Maybe. But none so powerful as bad ideas that may be rational for one person, but are awful for economies.

Cassidy’s new book, How Markets Fail: The Logic of Economic Calamities, is an “Economist Book of the Year” and hailed by the Financial Times, which said: “Cassidy’s book is to be strongly applauded. Not just because it is highly readable but, most importantly, because it tries to paint a more subtle picture at a time when too many people are still seeking simplistic stories and villains to blame.”

Below is a short excerpt from John Cassidy's presentation. To view the full 37min video, click here