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What is the future of financial regulation in the aftermath of the financial crisis? In this audio interview, Stanford MBA student Lisa Scheible talks with Stanford professor Edward Lazear to get an insider's perspective on how government regulation and policy have influenced the recovery from the economic crisis and how they can prevent similar crises in the future. As former chief economic advisor to President Bush and an expert on labor economics, Lazear shares his unique perspective on the key drivers of the crisis, the impact of government deregulation in the years preceding the crisis, and incentive structures on Wall Street. He discusses the most critical regulatory and policy changes that the Obama administration should consider to address the systemic risk posed by institutions deemed “too big to fail.”
This conversation was recorded as part of the 2009-2010 Public Management Initiative (PMI) at the Stanford Graduate School of Business. Hosted by the Center for Social Innovation’s Public Management Program, the PMI is a yearlong, student-driven academic project focused on a specific public issue. The theme for 2010, Debating Tomorrow: The Changing World of Business, explores how business will have to change in light of the recent financial crisis and how, in turn, business might shape change in the future.
Edward P. Lazear succeeded Ben Bernanke as chairman of the President's Council of Economic Advisers in February 2006 and served until 2009. He was formerly a member of President Bush's advisory Tax Reform Panel, where he worked with nine other panel members to look into revenue-neutral policy options for reforming the Federal Internal Revenue Code. As a labor economist, Lazear is widely known as a founder of a field known as personnel economics. He is the Jack Steele Parker Professor of Human Resources Management and Economics (1995) at Stanford University's Graduate School of Business, where he has taught since 1992. He is also the Morris Arnold Cox Senior Fellow at the Hoover Institution.
Lisa Scheible is a member of the Class of 2010 at the Stanford Graduate School of Business and is a student leader for the 2009-2010 Public Management Initiative. Her professional background is in management consulting and international development. She holds a BA in public policy and economics from Duke University.