Introduction

Part of the Markets short course, Thinking Differently About Markets, this lecture explores the themes of money, debt, and financial crises, reviewing both orthodox and heterodox perspectives and how economic thinking has evolved over time. A key focus of the lecture is the role of debt in financial systems, tracing historical examples and the impact of borrowing on economies. As well as highlighting insights from classical economists including Adam Smith, the lecture reviews new economic models that challenge traditional assumptions ab...