Exploring the impact of scale economies on trade models and how their exclusion led to misconceptions regarding Korea and Taiwan's economic success. The chapter highlights Paul Krugman's contributions in introducing real-world economic factors into new trade theory.
Nicholas Gruen is the CEO of Lateral Economics, Patron of the Australian Digital Alliance, and a Visiting Professor at Kings College London.
In this episode, Nicholas discusses the limitations of traditional economic models and emphasises the importance of nuanced problem-solving. He advocates for critical thinking and an interdisciplinary approach to decision-making within complex economic systems, and asks if embracing another paradigm, in this case, complexity economics, is really the answer.