There are many reasons it should receive this attention:
- It was the basis for predicting both the financial crisis and the failure of the efforts by global policymakers and regulators to restore trust and confidence in the financial markets.
- It was the basis for answering the Queen's question of how could the economics profession have failed to see the financial crisis coming.
- It proved itself, at least according to the NY Fed, by breaking the back of the Great Depression.
- Because the opponents of transparency will fight it to the bitter end. As Yves Smith observed "no one on Wall Street was compensated for developing transparent low margin products".
- Because the policymakers who champion free markets and the invisible hand would rather have massive amounts of costly regulation than much less regulation and transparency.
- Because the economics profession assumes transparency rather than teaches it as a necessary condition for the invisible hand to operate properly.