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It is fair to say that in the last three decades, the world has been run by economists. Their orthodoxy has dominated civil services, central banks and policy-making. But one might look at the world right now and say that economists have made a hash of things. The crash, the lack of growth since the crash and the failure of the economic system to deliver for everyone, all evidence that something is not working.

The last few decades have seen a huge reduction in human poverty in China and elsewhere, no mean achievement. But with everything that has gone wrong, you鈥檇 expect that economists would be rethinking their subject. And it turns out, they are.

In this episode, we look at finance. Economist Paul Woolley funded a research centre at the London School of Economics, the Centre for the Study of Capital Market Dysfunctionality, which focuses on why the market doesn't work, rather than assuming it does.

(Photo: Paul Woolley, Economist Credit: Ricardo Research)