This chapter delves into the critique of traditional economics by complexity economics, highlighting the limitations of orthodox economic thinking and the necessity for a paradigm shift. It discusses the shortcomings of macroeconomic models, the impact of financialization on housing prices, and the concept of equilibrium from a complexity economics perspective. The speaker emphasizes the need for problem-solving skills and practical thinking in economics education, advocating for a balance between economic tools and judgment to understand complex economic systems.
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.
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