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financial theory course that was made popular over the last ten
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years in a bunch of business schools,
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and those guys who developed this material basically thought
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that markets were great
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and finance was almost a separate
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part--could be walled off from much of economics.
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So here at Yale we've never taught finance that way.
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We've always taught it as a part of economics and the crisis
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recently, I think, has made it clear that
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that's probably the way one should really think about the problem.
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So it's become very fashionable now to say that financial
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theorists had everything all wrong and to ask how it is that