I will briefly indicate some areas that, I believe, would benefit from more attention from the economics profession. Most fundamentally, and perhaps most challenging for researchers, the crisis should motivate economists to think further about their modeling of human behavior.
Most economic researchers continue to work within the classical paradigm that assumes rational, selfinterested behavior and the maximization of “expected utility” – a framework based on a formal description of risky situations and a theory of individual choice that has been very useful through its integration of economics, statistics, and decision theory.