Economics, Management, Politics & Society — July 2, 2013 at 2:11 pm

The End of Economics As We Know It? Don’t Bet On It

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According to billionaire George Soros, co-founder of the Institute for New Economic Thinking, proving the bankruptcy of traditional economic theory is “mission accomplished” and it is now time to determine the foundations of a new economic model.

Soros is, without a doubt, a powerful and influential voice: he is articulate, savvy in his understanding of trends, and able to push through ideas with energy and funding. His ideas are worth heeding – even when they are wrong – because they provide new insights. But his claim that the bankruptcy of economic theory is “well-established” has to be taken with a grain of salt simply because it represents a narrow, stylised, strawman view of what economics is and how it relates to the nature of human behaviour.

Read the remainder at The Conversation.

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