In this keynote address, Robert Merton chooses not to focus on the financial crisis. It is clear to him there were "fools and knaves," as well as "many structural elements that would have happened even if people were well behaved and well informed" -- risks are simply "embedded in our systems." Instead, Merton explores how financial engineering is essential in preparing for the inevitable next crisis, and in solving critical challenges. "The world has changed; we can't go back. Let's talk about what we should do going forward."
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