▁sector ▁has ▁become ▁a ▁larger ▁portion ▁of ▁the ▁US ▁economy ▁in ▁the ▁last ▁ 5 0 ▁years , ▁whereas ▁the ▁manufact uring ▁sector ▁has ▁decl ined . ▁When ▁exam ining ▁the ▁financial ▁situation ▁in ▁ 2 0 0 8 , ▁Hugh es - C rom wick ▁stated ▁that ▁financial ▁dis inter medi ation ▁had ▁benef ited ▁global ▁economic ▁growth ▁in ▁the ▁short ▁term ▁but , ▁in ▁the ▁context ▁of ▁the ▁US ▁housing ▁market , ▁sever ely ▁pun ished ▁consum ers . ▁She ▁ended ▁her ▁presentation ▁by ▁stating ▁that ▁the ▁key ▁focus ▁for ▁the ▁future ▁is ▁the ▁challenge ▁of ▁determ ining ▁an ▁appropriate ▁level ▁of ▁government ▁reg ulation ▁in ▁the ▁financial ▁sector . ▁ ▁During ▁her ▁time ▁at ▁the ▁University ▁of ▁Michigan ▁Energy ▁Institute , ▁Hugh es - C rom wick ▁review ed ▁the ▁Michael ▁Lewis ▁book ▁entitled ▁“ The ▁und o ing ▁project : ▁a ▁friendship ▁that ▁changed ▁our ▁minds ”. ▁The ▁book ▁itself ▁takes ▁a ▁psych ological ▁perspective ▁on ▁human ▁decision ▁making . ▁Hugh es - C rom wick ▁further ▁interpreted ▁the ▁book ▁from ▁an ▁economic ▁perspective ▁and ▁commented ▁that ▁the ▁find ings ▁of ▁Lewis ▁are ▁contrary ▁to ▁the ▁current ▁economic ▁practice ▁of ▁forec ast ing . ▁Hugh es - C rom wick ▁agreed ▁with ▁Lewis ▁that ▁predictions ▁to ▁an ▁extreme ▁degree ▁of ▁precision ▁often ▁ultimately ▁prove ▁to ▁be ▁false . ▁She ▁str esses ▁that ▁econom ists ▁cannot ▁precisely ▁predict ▁the ▁future ▁under ▁uncertainty . ▁Draw ing ▁on ▁her ▁own ▁experience ▁as ▁the ▁Chief ▁Econom ist ▁of ▁Ford ▁Motor ▁Company ▁from ▁