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16min chapter
#14 – Eric Beinhocker: “New Economics” Is Coming For You
Scaling Theory
Emerging Insights: Complexity Economics vs. Neoclassical Economics
This chapter explores the critical differences between neoclassical and complexity economics, particularly in how each framework addresses economic phenomena and crisis predictions. It highlights the limitations of traditional models during major events such as the 2008 financial crisis and advocates for complexity economics, which emphasizes networks and human interactions. Additionally, the chapter discusses the establishment of the Oxford Institute of New Economic Thinking, aiming to foster innovative research methodologies and interdisciplinary collaboration to tackle contemporary economic challenges.
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