To understand the functioning of the global financial system, prevent its crises and propose a better system, is a tremendously challenging job. No economist alone or group of economists would be able to do that job. In order to do it properly, one needs an overview and comprehensiveness of knowledge (including that of the other social disciplines) that economists alone cannot possess. Thinkers from other disciplines are needed as well.
Most officials working at ministries of finance and central banks see it differently. They still think they can do the job. However, we do not only need technical expertise but also a broad and in-depth view that takes into account how the system works for all citizens, rich and poor.
OK, I agree, the most urgent job for officials is now to manage the crisis as good as they can, and make steps towards a better regulation of financial markets. But even accepting the adagio that “only small steps are possible”, we still need a broad, visionary view of the system.
Can we create such visionary view? How?