Economics has had a tough decade, Economist Linda Yueh explained, "our thinking has become too narrow and we're no longer able to see the bigger pictures. That's why no-one saw the 2008 crash coming".
The greatest economists throughout history have always been philosophers, so they were able to look at the big questions of the day and tackle them. "That’s what made them great", Yueh said.
Talking about how capitalism is not working, she said, “inequality is increasing, wages have stagnated, there’s a lack of social mobility and people are being left behind.”
But Yueh is optimistic for the future, reminding the Hay audience that throughout history, whenever there has been a breakdown like this in consensus, it has been a great opportunity for the different schools to rise up and rethink our systems. "The time is ripe for new ideas to emerge".
Click here to see other events about economics at Hay Festival 2018.