Navigating Economic Paradigms: Complexity Versus Traditional Theory

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.