In November 2008, the world was at the peak of a financial crisis. During a visit to the London School of Economics, Queen Elizabeth asked the gathered economists, 'Why did none of you see the financial crisis coming?' No one answered immediately. After a brief silence and some pleasantries, the program continued.Six months later, those same economists wrote a collective letter to the Queen, citing 'arrogance and an inability to face systemic risk' as the fundamental reasons for their failure to foresee the crisis.Ignoring systemic risk is a major problem in itself. Most of us would not even board an...