To gear up to these challenges, auditors need to take into account a system wide understanding of markets, products and their inter connectedness, especially in times of stress. Auditors will need to move beyond narrow transaction audit considerations to look at the larger picture. They will need to ask pointed and relevant questions. Do decisions in the bank take adequate cognisance of risk considerations?
Still, they do show that the way we look at the economy matters for which activities we value as societies. This, in return, influences our decision-making and our wellbeing. That is why I believe that diversity should matter in economics! 2.2 Inflation expectations Before we talk about the importance of these findings for decision-makers, let us look at another example: Namely, inflation expectations.