An economy is an evolutionary system

Opinion: Economic Theory Needs a Major Overhaul

Current mainstream economic theory needs an overhaul. Modern advanced economies are complex, evolving systems, which cannot continue to be understood only through aggregate quantity. Sergio Focardi discusses the explanatory power of qualitative (in addition to quantitative) understandings of the market.

1 year ago
Robert Shiller

Robert Shiller on Behavioral Economics

In the past twenty years there has been a revolution in economics with the study not of how people would behave if they were perfectly rational, but of how they actually behave. At the vanguard of this movement is Robert Shiller of Yale University. He sits down with Nigel Warburton in this episode of the Social Science Bites podcast

8 years ago