Before the 2008 financial crisis, says Lord Robert Skidelsky, many economists based their analyses on theoretical models in which unregulated markets resulted in the most productivity. But according to Skidelsky, relying on these models to guide real-life economic decisions can have a disastrous effect on international policy.

Skidelsky, professor of political economy at the University of Warwick, delivered his first lecture as an A.D. White Professor-at-Large on April 18, 2012. The talk was given as part of the Einaudi Center's Foreign Policy Distinguished Speaker Series.