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Richard Allen Posner: The Crisis of Capitalist Democracy

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Published on Sep 7, 2012

Richard Allen Posner is a judge on the U.S. Court of Appeals, Seventh Circuit; a senior lecturer at the University of Chicago Law School; and the author of nearly 40 books on an astonishing array of topics, including economics, jurisprudence, aging, terrorism, literature, plagiarism and sex.

The Journal of Legal Studies calls him the most cited legal scholar of the last century. He now turns what The New York Times calls his “indefatigable intellect” to the ongoing economic crisis and the efforts of the “cumbersome, clotted, competence-challenged” American system of government to respond to it. A Democracy Forum Lecture.

Posner is also a prominent voice in economics as an innovator in the field of Law and Economics. He is among the more salient critics of the so called “Efficient-market hypothesis” that asserts that financial markets are “informationally efficient”. Expressing a somewhat higher degree of belief in Keynesian economics. And accused some of his Chicago School colleagues of being “asleep at the switch”, saying that “the movement to deregulate the financial industry went too far by exaggerating the resilience—the self healing powers—of laissez-faire capitalism.